Watermark Retirement Communities: Comprehensive Company Profile
Background
Overview
Founded in 1985, Watermark Retirement Communities is a privately held company headquartered in Tucson, Arizona. With over 30 years of experience, Watermark has established itself as a leader in the senior living industry, managing more than 70 communities across 22 states. The company's mission is to create extraordinary and innovative communities where people thrive, emphasizing renewal rather than retirement. Watermark's vision focuses on providing integrative wellness, fine amenities, and a lifestyle built on choice, catering to the diverse needs of seniors.
Industry Significance
Watermark is recognized as the nation's 10th-leading senior housing operator by the American Seniors Housing Association. The company has been named one of the top 25 Best Workplaces for Aging Services by the Great Place to Work Institute, highlighting its commitment to excellence in the senior living sector.
Key Strategic Focus
Core Objectives
Watermark's strategic focus centers on transforming the senior living experience by integrating wellness, personalized care, and innovative programs. The company aims to provide environments that promote physical, intellectual, emotional, and spiritual well-being for its residents.
Areas of Specialization
Watermark offers a range of services, including independent living, assisted living, and memory care. The company specializes in creating communities that blend ageless style with leading-edge innovation, personal service with luxurious amenities, and a spirited lifestyle with customized care.
Key Technologies Utilized
Watermark incorporates advanced technologies to enhance resident experiences, such as virtual reality programs like EngageVR®, which provide immersive experiences to stimulate cognitive function and engagement. Additionally, the company utilizes innovative dining programs like Gourmet Bites Cuisine, offering nutritious, bite-sized meals that promote independence and dignity.
Primary Markets Targeted
Watermark operates in 22 states across the United States, with a significant presence in California, Florida, and Texas. The company targets urban and suburban areas with a growing senior population, focusing on providing high-quality living options for older adults seeking vibrant and supportive communities.
Financials and Funding
Funding History
Watermark Retirement Communities is a privately held company and does not publicly disclose detailed financial information. However, the company has demonstrated financial stability and growth through strategic partnerships and acquisitions.
Recent Funding Rounds and Notable Investors
In April 2022, Watermark took over operations for Merrill Gardens at ChampionsGate as part of a purchase agreement by Fortress Investment Group, a leading global investment manager. Under this agreement, Watermark manages all aspects of the community's operations, indicating strong investor confidence in the company's capabilities.
Utilization of Capital
Capital investments have been directed towards expanding Watermark's portfolio through acquisitions and developing new communities. For instance, the company has been involved in the development of luxury senior living communities like The Watermark at Bellevue and Watermark Laguna Niguel, enhancing its service offerings and market reach.
Pipeline Development
Key Pipeline Candidates
Watermark has several communities under development, including properties in Watersound, Marco Island, Coral Gables, and West Palm Beach, Florida, as well as in Oceanside, California. These developments aim to provide a range of living options, from independent living to memory care, catering to the diverse needs of seniors.
Stages of Development
The communities are in various stages of development, with some nearing completion and others in the planning or construction phases. For example, The Watermark at Bellevue is undergoing construction to add 155 independent living apartments, expected to open in 2024.
Target Conditions and Timelines
These developments target the growing demand for high-quality senior living options in desirable locations. Timelines for completion vary, with some communities expected to open within the next year and others projected for completion in the coming years.
Technological Platform and Innovation
Proprietary Technologies
Watermark has developed proprietary programs such as Watermark University, offering a wide variety of engaging classes for residents and area seniors, and EngageVR®, a virtual reality program designed to provide immersive experiences that stimulate cognitive function and engagement.
Significant Scientific Methods
The company employs integrative wellness programs based on partnerships with premier universities, colleges of medicine, and local nonprofits. These programs focus on holistic well-being, incorporating physical, intellectual, emotional, and spiritual health components.
Leadership Team
Key Executive Profiles
- David Freshwater, Chairman: With a background in architectural environmental design and finance, Freshwater founded Watermark in 1985, envisioning a new kind of senior living that emphasizes joy and personal fulfillment.
- David Barnes, CEO and President: Joining the company in 1989, Barnes has been instrumental in developing systems that promote wellness and engagement among residents. His hands-on approach includes living in senior communities to understand residents' needs firsthand.
Key Contributions
Under their leadership, Watermark has expanded its portfolio to over 70 communities across 22 states, introduced innovative programs like Watermark University and EngageVR®, and established partnerships to enhance resident care and wellness.
Leadership Changes
Recent appointments include Christopher Tharp as Executive Director of Watermark Laguna Niguel, a new luxury senior living community in Orange County, California. Tharp brings extensive experience in senior living management, aiming to build a vibrant community focused on personalized care and engagement.
