A joint venture between Related Cos. and Atria Senior Living, together with Welltower, has signed a strategic partnership for the development of two senior living communities, totaling 349 units, in Santa Clara and Cupertino, Calif.
The Santa Clara development will comprise 191 age-restricted units and be adjacent to Related’s 9.2 million-square-foot urban development, which will have a mix of office and medical office buildings, hotel rooms, multifamily housing and retail. The Santa Clara development will be located near several commuting options, including highways 237 and 101 and Interstate 880. The development is set to break ground in mid-2022 and deliver by 2024.
The 158-unit Cupertino development’s pre-development phase began in 2019 with plans for groundbreaking by the end of 2022 and completion in 2024. Located at Stevens Creek Boulevard in Cupertino, Calif., the property will be adjacent to Cupertino Senior Center, Cupertino Memorial Park, as well as State Route 85. Property amenities will include an outdoor community park.
Behind the partnerships
Last year, Welltower acquired 86 senior living properties for $1.58 billion from Holiday Retirement, while Atria bought Holiday Retirement’s management services business. Welltower and Atria planned to spend $1.5 million to $2 million in capital improvements at each of the 86 properties.
Related Cos. and Atria established a joint venture in 2018 to develop senior living communities in major metropolitan areas. The current agreement is part of a larger strategic partnership involving Welltower. Overall, the Santa Clara and Cupertino projects represent Related and Atria’s third and fourth senior living development together. The joint venture recently opened Coterie Cathedral Hill in San Francisco and has plans to open Coterie Hudson Yards in New York later this year.