Another Watercrest-Titan Senior Living Project To Break Ground
The Winter Park, FL project named Watercrest Winter Park will be developed by Vero Beach, FL-based Watercrest Senior Living and Titan Development Real Estate Fund 1.
WINTER PARK, FL—Partners Watercrest Senior Living Group and Titan Development plan to begin construction this fall on a 107-unit, luxury senior living community here. The project is the second senior living project the two firms are partnering on in the Southeast, having broken ground earlier this year on a senior living community in Columbia, SC.
The Winter Park, FL project named Watercrest Winter Park will be developed by Vero Beach, FL-based Watercrest Senior Living and Titan Development Real Estate Fund 1. Titan Development, which is based in Albuquerque, NM, has offices in the Villages, FL as well as two locations in Texas.
Watercrest Winter Park, when completed in late 2019, will offer 75 assisted living and 32 memory care apartments. Designed by D2 Architecture, Watercrest Winter Park will include a promenade, pool, fireplace, signature water wall, multiple dining venues, children’s play space, grand balconies and Southern style outdoor living spaces. A Market Street Plaza, will showcase an “outdoor” streetscape with numerous LifeBUILT programming touches.
“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.”
Titan and Watercrest’s first project, Watercrest Columbia Assisted Living and Memory Care is currently under construction and is on schedule to have its first residents take occupancy in early 2019, the companies report. Watercrest Columbia will offer 75 assisted living and 32 memory care apartments.
Titan Development Real Estate Fund 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 investment in the Watercrest Winter Park project adds to the fund’s growing senior living portfolio that 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 for Titan Real Estate Fund 1. “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.”
Outside of the Watercrest-Titan partnerships, Watercrest Senior Living and partner United Properties broke ground in April on the 128-unit Watercrest Naples Assisted Living and Memory Care in Naples. The project, being constructed by Walker and Company, is expected to be completed in the spring of 2019. Walker and Company is also constructing the Watercrest Winter Park in Vero Beach.