VERO BEACK, FL—Even from across the ocean in Sweden and investment firm can see that senior living facilities are a hot commodity in the United States.

That's why Index International AB, a Stockholm-based investment firm has formed a partnership with Vero Beach, FL-based Watercrest Senior Living Group, a senior living developer and operator, to co-develop senior living communities in the United States. The deal is a $500 million, five-year partnership.

“When Index decided to invest in senior housing, we met with numerous operators and Watercrest stood above the rest,” co-founder of Index International AB Bjarne Borg said in a news release. “Their operating culture resonated with us, as did the depth of their relationships with bankers, architects, and other key professionals. We are thrilled to be co-developing $100 million yearly in senior housing projects with Watercrest.”

“Our partnership with Index brings together the financial, development and operational resources to achieve explosive growth and create a significant footprint for Watercrest in the senior housing industry,” Joan Williams, principal and chief financial officer of Watercrest, added. “Our combined financial commitment puts us on pace to bring six communities online per year.”

The partners say they will begin with projects in Florida and the Southeast, then expand nationwide. They say they have six or seven projects in the pipeline with at least four planned to break ground this year. They plan to develop four to six projects per year, ranging from 60 to 150 units. The communities will include assisted living, memory care or both.

Their first proposed project is Watercrest of Lake Nona (FL) Assisted Living and Memory Care. According to documents filed with the city of Orlando, FL, the project would include 57 assisted living units, including 65 beds; 24 private memory care units; an internal courtyard for use by the memory care patients; a pool; a fitness facility; a residents' dining hall; and 52 surface parking spaces. The partners say they plan to break ground in April.

Watercrest Senior Living specializes in the development and operations of assisted living and memory care communities, market repositioning and advisory services. The firm partners with land owners, real estate developers, investors, financial institutions and real estate investment trusts (REITs), and says it focuses on operations management of assisted living and memory care communities, and the development of servant leaders.

Index International AB is a global independent real estate and equity investment company.  Established in 1998 and built on private capital without institutional funding, Index maintains investments in Sweden and North America, and is actively expanding further into North America and Europe.