WINTER PARK, FL - Watercrest Senior Living Group and Titan Development Real Estate Fund I announce the development of Watercrest Winter Park Assisted Living and Memory Care in Winter Park, FL. Walker and Company will begin construction of the 107-unit, resort-style senior living community this fall, with plans to open in late 2019.
Watercrest Winter Park will be a signature Watercrest product offering 75 assisted living and 32 memory care apartments with premium accommodations, exceptional amenities and world-class care. Designed by D2 Architecture, Watercrest Columbia will include a stunning promenade, pool, fireplace, signature water wall, multiple dining venues, children's play space, grand balconies and Southern style outdoor living spaces. Watercrest's uniquely designed Market Street Plaza, will showcase an 'outdoor' streetscape with numerous LifeBUILT programming touches; a highlight and crucial element of their multi-sensory memory care programming.
"Watercrest and Titan Development are commonly aligned in our vision to develop senior living communities of exemplary design, quality and services in the southeast," says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group. "We celebrate this partnership and the opportunity to establish an exceptional product in the distinctive community of Winter Park."
With multiple senior living projects in development throughout the southeast, Watercrest principals, Marc Vorkapich, CEO and Joan Williams, CFO, are setting new standards of quality for seniors and their families in the development of upscale senior living communities. This is the second senior living development project partnered between Watercrest and Titan Development. Their first project, Watercrest Columbia Assisted Living and Memory Care is currently under construction and on schedule to welcome residents in early 2019.
Titan Development Real Estate Fund I (TDREF I) is a $200 million private equity real estate fund established in 2017 to raise and invest equity in approximately $600 million of Titan Development's existing pipeline and additional investment opportunities. The team provides fund management, strategic investment, and macroeconomic/market analysis services. This investment adds to TDREF I's growing senior living portfolio, which now includes projects in New Mexico, Florida, and South Carolina.
"We continue to have a strong interest in senior housing as an investment opportunity," said Coe Schlicher, Fund Manager. "Absorption of senior housing units remains stable even as inventory shows continued growth. Additionally, rental rate increases for senior housing have been positive in every quarter since NIC began tracking the data. Overall we are confident in the deal the Watercrest team has put together and are excited to see the project get underway."