A seniors housing portfolio that includes Watercrest Buena Vista, Watercrest Spanish Springs and Watercrest Winter Park in Florida sold to AEW Capital Management. The three communities total 416 units in The Villages and Winter Park.
JLL’s Seniors Housing Capital Markets team represented the seller, Titan Development, in the transaction, which saw AEW retain 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, including 118 independent living, 74 assisted living and 32 memory care units. Watercrest Spanish Springs opened in 2016 and consists of 86 assisted living and memory care units in three stories. While 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.
