Welltower (WELL) launches branded senior housing division.
Welltower (WELL), an S&P 500 company, announced today that it is launching welltowerLIVING™ as a branded senior housing service targeted toward 55+ middle-market seniors. "The growing population of aging adults is expected to create significant demand for housing options across all income levels," said Ayesha Menon, SVP - Strategic Investments.
Welltower is starting the welltowerLIVING division with the acquisition of three properties in Las Vegas with a total of 620 units. The company said the recently renovated properties are expected to have lower staffing levels and reduced resident turnover, resulting in cash flow margins "which are more consistent with those attained in the multifamily sector." Menon also noted that welltowerLIVING will leverage the company's healthcare relationships, expertise in data, and traditional real estate investment "to deliver a differentiated product that creates value for all stakeholders."
Founded in the 1970's, Welltower (WELL) is the largest health care REIT in the U.S. with a total market capitalization of approximately $50 billion.