February 6, 2018
VERO BEACH, FL–Watercrest Senior Living Group, based in Vero Beach, FL, and Titan Development Real Estate Fund I announce the groundbreaking of Watercrest Columbia Assisted Living and Memory Care in Columbia, SC. Shiel Sexton Company will begin construction of the 107-unit, resort-style senior living community this month, with plans to open in late Spring 2019.
Watercrest Columbia 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 LifeBUILT 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.
“Aligning ourselves with Titan Development Real Estate Fund I allows us to build upon our respective and complementary strengths, expanding into further markets to provide exceptional levels of service, quality and innovation to even more seniors and their families,” said Marc Vorkapich, principal and CEO of Watercrest Senior Living Group, which has multiple senior living projects in development throughout the southeast. “We are continually striving to enhance all aspects of the senior living industry, an accomplishment realized by outstanding relationships with forward-thinking partners.”
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. This investment adds to TDREF I’s growing senior living portfolio which now includes projects in New Mexico, Florida, and South Carolina.
“Titan Development Real Estate Fund I is delighted to have the opportunity to invest in Watercrest Columbia,” said Coe Schlicher, fund manager. “The Watercrest team is thoughtful and analytical in their approach to evaluating markets, design, and projecting the operating performance of a community. Their team’s experience and track record are among the best we have seen in the industry.”
The TDREF I team provides fund management, strategic investment, and macroeconomic/market analysis services. The Senior Living team is headquartered in Austin, Texas with additional TDREF I offices in San Antonio and Orlando.