EAGLE — The Wolff Co.’s new apartment community is the latest example of rental housing that caters to affluent seniors, especially those who may have burned out on the task of rustling up dinner every night.
Units range between $2,850 to nearly $3,825 per month at Revel Eagle, depending on size and amenities included at the 55-and-over independent-living community. According to the landlord, monthly pricing includes utilities, housekeeping and “meal points” that can be redeemed at the onsite eatery and pub.
While most of the metro area’s designated senior housing is more modest in price and amenities, some of the swankiest developments going up in town are geared to folks ready to leave behind all that mundane lawn mowing, leaf raking, snow shoveling and other daily home maintenance.
And many are prepared to pay the price, even if it’s almost four grand a month.
As the nearly 75 million–strong boomer generation (born 1946 to 1964) shifts into the empty nest and retirement phases of life — the largest generation ever to do so —developers have spotted a big opportunity.
Enter the age-restricted developments that have cropped up across the country as older adults downsize from their big homes in the suburbs into smaller abodes in these active-adult communities, including rentals. And each new development seems to be upping the game with bigger and better.
“Part of the reason that the market is as hot as it has ever been is the sheer size” of the boomer generation, says spokeswoman Samantha Reid of 55places.com, a real estate resource for active adults looking for a community. “And they saved their money.”
Described as a senior community with meal plans, a full-service salon and spa, state-of-the-art fitness center with classes and a movie theater, Revel’s new tenants have been moving in since April.
Located at 746 E. Riverside Drive in Eagle, the community will mark its grand opening from 4 to 7 p.m. on June 13. One of the activities will be a food tasting courtesy of Food Network star Chef Beau MacMillan, who has created menus focused on healthy eating at the property’s restaurant and pub. The food program clearly resonates with some of the new tenants at the Revel.
The eateries act as both a destination for residents to socialize and a profit center for the landlord.
“Ovation, our modern American restaurant, and the Social Club, our spirited pub, offer residents innovative seasonal menus, exceptional service and flexible dining options,” said Chuck Faylor, the community’s executive director of the restaurant-caliber meals. “Residents choose when and where they want to eat – whether that’s in their apartment, in our restaurants or even in our private dining room.”
Revel Eagle offers 146 studio, one- and two-bedroom independent living residences. Faylor, who didn’t disclose construction costs, said the general contractor on the project was Engineered Structures Inc.
The Wolff Company currently is developing numerous senior living communities throughout the U.S. with plans to broaden its portfolio even further by investing $300-$400 million annually in the development of additional communities. Revel Eagle joins a roster of 18 other company-owned senior living communities that have opened or are under development by the Scottsdale, Ariz.-based private equity firm and multifamily developer.
“Revel Eagle opened at an ideal time, as the need and desire for flexible lifestyles focused on all areas of wellness is growing. People want a lock-and-leave home that gives them the freedom to live life on their terms,” said Faylor.
Wolff was drawn to an underserved and growing affluent senior population in Eagle – both longtime locals and newbies. And they’re not the only players in town. Also in the pipeline is The Cadence at the Village, a 166-unit active-living complex behind the Boise Co-op in Meridian. Brighton Corp. is the developer behind the five-story structure that will target adults aged 55 and older.
Scheduled to be completed by December of this year, pricing was not listed on the developer’s website.