Capital Markets has announced that it has closed the portfolio sale of Watercrest Buena Vista and Watercrest Spanish Springs in The Villages.
The sale also included Watercrest Winter Park, bringing the total number of units sold to 416.
JLL’s Seniors Housing Capital Markets team represented the seller, Titan Development, in the sale of the properties to AEW Capital Management. The buyer retained the current operator, Watercrest Senior Living, as the third-party operator. JLL is also handling the acquisition financing on two of the assets for the buyer, which will close in January 2025.
Completed in 2018, Watercrest Buena Vista offers 224 units in a three-story, Class A building. The community uses the continuum of care model offering a mix of 118 independent living, 74 assisted living and 32 memory care units to age in place. Watercrest Buena Vista also offers residents a full amenity package with underground parking, a heated pool, fitness center, salon, media room, bistro and bar and a golf cart charging station.
Watercrest Spanish Springs opened in 2016 and consists of 86 assisted living and memory care units. The three-story property features a variety of amenities, including restaurant-style dining, social gathering areas, salon services, dynamic programming and activities and wellness and exercise programs.
The third property in the portfolio is Watercrest Winter Park, a 106-unit assisted living and memory care community located in the affluent Orlando submarket of Winter Park. Built in 2019, the community features high end amenities, attracting some of the strongest rents in its market.