Watermark Retirement Communities, Inc. (Watermark) and Kayne Anderson Capital Advisors (Kayne Anderson) recently received $69.5 million from SunTrust Bank to acquire three senior citizen living communities. The three facilities are each located in the southern California region, just outside of Los Angeles.
Two of the communities, Whittier Place and Raincross at Riverside, are located outside Los Angeles; they provide assisted living and memory care. The third community,The Watermark by the Bay (formerly branded as Bayside Park) provides assisted living and memory care in the Emeryville, Oakland, and Berkeley region.
Watermark owns 63 senior citizen living focused communities in 21 states, with seven currently in development. Watermark specializes in continuing care retirement communities, stand-alone independent living, memory care communities, rehabilitation centers, and skilled nursing facilities. Kayne Anderson, founded in 1984, is an alternative investment management firm specializing in niche investing, including specialized real estate. It manages $30 billion in assets.
Nationally, there are approximately 2.9 million housing units dedicated to senior care specialized living arrangements. The national market is worth between $250 to $270 billion. Over 20% of households in the United States are headed by individuals who are age 75 years or older and living in units classified as senior citizen housing.
This story reported by Seniors Housing Business on April 22, 2019.
Contact Information: Watermark Retirement Communities, Inc, 2020 West Rudasill Road,Tucson, Arizona 85704; 1-520-797-4000; www.watermarkcommunities.com
Contact Information: Kayne Anderson Capital Advisors, 1800 Avenue of the Stars, Third Floor, Los Angeles, California 90067; 1-310-284-5591; www.kaynecapital.com