A new luxury brand will arise from a $3 billion joint venture between Louisville, KY-based Atria Senior Living and New York-based private real estate firm Related Companies through which two to three senior living communities initially will be developed and operated over the next five years, Atria CEO John Moore told McKnight’s Senior Living on Tuesday.
The development pipeline will include sites in New York City, San Francisco, Boston, Los Angeles, Miami, Washington, D.C., and other major metropolitan areas — places where Atria and Related already operate.
“These markets are generally underserved and represent a great opportunity,” Moore said. “The Atria–Related product will be more sophisticated to meet the needs of seniors that are used to living in urban centers rich in culture and lifestyle opportunities. Further, large urban markets are growing faster generally, and we think we can keep more families together with communities conveniently located where adult children, more and more, live, work and build careers.”
The partners plan to work with architects, designers, gerontologists, nutritionists and wellness experts to develop communities that offer custom services and in-building amenities that include multiple restaurants, gyms and a pool. Each development will aim to link activities with local cultural events and performances, and healthcare and wellness support will be offered through partnerships with local medical facilities.
The new properites, like Atria’s current communities, will offer independent living, assisted living and secure memory care, “with support and discreet care for activities of daily living in the background,” Moore said.
As for the new brand name, the CEO said to “stay tuned.”
“We’re working on a new brand that will reflect the quality of what we intend to do together,” he said.