TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), the largest REIT in the seniors housing space both by units and market cap, has launched welltowerLIVING, a wellness-focused housing concept for residents aged 55 and over.
The brand was developed with the specific aim to fulfill the unmet need private-pay housing that is affordable for moderate-income seniors, many of whom will be Medicare eligible. The brand intends to offer a lower cost, technologically delivered wellness solution to residents, according to the Toledo-based REIT.
This offering is limited in service relative to traditional seniors housing, but more program-rich than traditional multifamily options. The aim is to open seniors housing to a wider group of people, both by age and income. The brand targets the 55-and-over crowd, versus traditional seniors housing where the target market is generally older than 75.
The first welltowerLIVING properties were recently acquired in Las Vegas and total 620 units. The properties, which were renovated in 2017, are expected to have lower staffing levels and low annual resident turnover of just 20 to 25 percent, according to Welltower.
The model will also provide opportunities for Welltower’s health system partners to integrate clinical programs and onsite care models in select communities with the goal of improving outcomes and reducing the total cost of care for senior populations.
The is not Welltower’s only attempts to diversify and expand its seniors housing offerings. The company’s Clover-branded assets offer limited-service housing that is designed to meet many needs of aging seniors. Welltower also partners with Terwilliger Pappas and Priya Living to develop this type of housing.
“The integration of physical design, technology and affordable access to products and services that can enhance the social determinants of health will allow Welltower to meet the needs of the rapidly growing population of moderate income, independent seniors that we expect will be increasingly covered by Medicare Advantage programs,” says Thomas DeRosa, Welltower chairman and CEO.