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Related Cos. to build $3B of luxury seniors housing properties

New York-based property company Related Cos. LP is entering the seniors housing market, with plans to build $3 billion of luxury high-rise properties over the next five years, Bloomberg News reported, citing Executive Vice President Bryan Cho.

A joint venture between Related and Atria Senior Living Inc. will start construction in 2019, with a project in Manhattan, N.Y., and another in San Francisco. The joint venture then aims to begin two new developments each year in cities such as Los Angeles, Boston, Miami and Washington.

The projects will offer up to 250 units each and will have various amenities, including spas, beauty salons and restaurants, the news outlet added.