TAMPA, FL – Cushman & Wakefield has negotiated the sale of The Watermark at Trinity, a 97-unit, 84,217-square-foot senior living community located in the high-growth Trinity submarket of Tampa. Built in 2016, the Class A assisted living and memory care community sold for approximately $300,000 per unit.
Based in Cushman & Wakefield’s Tampa office, Executive Director Allen McMurtry, Senior Director Paul Carr and Senior Director David Kliewer represented the development collaboration comprised of Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities in the sale.
The three-story community is considered the market leader, with a successful lease-up to 95+ percent occupancy since opening in July 2016. The community offers studio, one- and two-bedroom units and features a mix of 67 assisted living and 30 memory care units. The project features an outstanding leading-edge design by Chancey Design Partnership and Chancey Interiors. The Chancey team has partnered with Rookis Development on several other highly successful senior living projects, in addition to numerous other product types throughout the United States.
“The Watermark at Trinity was designed and developed by a highly respected and experienced team, in partnership with a best-in-class operator. This sale represents the continued strong investor demand for newly constructed, Class A senior housing communities in the market,” said Carr. “The existing operator, Watermark Retirement Communities, will remain in place with the new owner, which was one of several key drivers of value during a highly competitive marketing process.”
About Cushman & Wakefield: Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.