Keppel Capital Senior Living, a subsidiary of Keppel Corporation that is responsible for the senior living investments and acquisitions, increased its investment in Watermark Retirement Communities to become the sole owner, effective March 19. Keppel Capital has been Watermark’s equity partner since March 2020.
In 2018, Keppel Capital announced it was acquiring a 50% interest in Watermark for $77.5 million, or $8,000 per unit. At the time, Watermark managed 52 seniors housing communities and about 9,400 total beds in 21 states. Currently, Watermark manages 40 seniors housing communities across 15 states.
Post-transaction, Watermark welcomed a newly appointed C-suite. CEO Paul Boethel has 19 years of seniors housing experience and will focus on performance-driven growth. COO Jeff Slichta joined the Watermark team in January 2025 with 29 years in senior living and key positions at three major operators. He will continue to drive operational excellence with a focus on performance accountability. CFO Henneka Talbot has extensive experience in audit and real estate, including within the senior living sphere, and will optimize Watermark’s financial performance through data-driven insights.
CAO Sheila Donahoe has over 15 years in seniors housing and will oversee marketing, staffing and system enhancements to drive operational efficiency. General Counsel Chris Bouchard, a legal expert with 12 years in senior living operations, will manage Watermark’s risk and compliance strategies. CIO Bryan Schacter, a Watermark veteran of 18 years, will continue to spearhead asset management and new development opportunities.
