A joint venture between Related Companies and Atria Senior Living (the “Related|Atria JV”), in conjunction with Spitzer Enterprises and Welltower Inc. (NYSE: WELL), today closed on a strategic partnership at 451 10th Avenue at Hudson Yards. The Hudson Yards development will be the second location for the joint venture’s new series of upscale urban senior living communities and the first on the East Coast. The Related|Atria JV was formed in 2018 to develop, own and operate modern urban communities catering to seniors living in major metropolitan areas.
Development of the project began in late 2019 with plans of completion in 2022. Situated in New York’s new Hudson Yards neighborhood, 451 10th Avenue will grant seniors unrivaled access to the city’s new heart of culture, fashion, commerce and cuisine with convenient connectivity to public transportation.
Welltower is the long-term strategic capital partner for the Related|Atria JV in connection with both the 451 10th Avenue project as well as the previously announced 1001 Van Ness project in San Francisco, providing unparalleled access to capital, innovative data analytics and market assessment capabilities. The Hudson Yards project represents Welltower’s third purpose built senior living community in Manhattan.
Atria, a leading provider of high-quality senior living, will manage the community and currently provides senior living services to more than 4,000 New Yorkers across its 27 communities in the state.
Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed over 45 years ago, Related is the largest private owner of affordable housing and a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. Related was recently named to Fast Company Magazine’s list of the 50 Most Innovative Companies in the World. For more information about Related, please visit www.related.com.
Atria Senior Living is an industry leading senior housing management services company operating more than 225 locations and 27,000 units in the United States and Canada. Focusing on high barrier to entry gateway cities, Atria has a leading presence in markets with strong wealth demographics, including 27 communities in metropolitan New York and 43 in California with concentrations in the Bay Area, Orange County and Western Los Angeles markets. Atria also has a significant presence in metropolitan areas of Toronto, Boston, Houston, Atlanta, Chicago and Philadelphia. Atria has built its reputation as a senior living industry leader with a focus on customer experience and quality. Its operating platform is one the most comprehensive in the industry and includes use of internally developed, proprietary, leading edge business support technology and advanced tools. Atria’s internal, self-auditing Quality Enhancement program measures beyond state regulatory standards ensuring quality service in all aspects of the resident experience and results in the highest quality relationships with regulators and other industry stakeholders. Atria employs more than 16,000 individuals and operates a state-of-the-art Support Center in Louisville, Kentucky.
About Spitzer Enterprises:
Spitzer Enterprises is a family-owned real estate development company that, over 60 years, has built and owned millions of square feet of the most pre-eminent residential and commercial properties in the New York City and Washington, D.C. markets. Most recently, it completed 420 Kent Avenue in Brooklyn, an iconic, three tower, 857-unit residential project in Williamsburg that is redefining the Brooklyn waterfront skyline.
Welltower Inc. (NYSE: WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower®, a real estate investment trust ("REIT"), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at welltower.com. We routinely post important information on our website at welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of the company's website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only.
Kathleen Anne Corless