Allen McMurtry, Paul Carr, and David Kliewer Represented the Project Developer in the Sale of a 97-Unit Assisted Living and Memory Care Community
TAMPA, FL, June 13, 2018 – Cushman & Wakefield has negotiated the sale of The Watermark at Trinity, a 97-unit, 84,217-square-foot senior living community located in the high-growth Trinity submarket of Tampa. Built in 2016, the Class A assisted living and memory care community sold for approximately $300,000 per unit.
Based in Cushman & Wakefield’s Tampa office, Executive Director Allen McMurtry, Senior Director Paul Carr and Senior Director David Kliewer represented the development collaboration comprised of Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development, and Watermark Retirement Communities in the sale.
The three-story community is considered the market leader, with a successful lease-up to 95+ percent occupancy since opening in July 2016. The community offers studio, one- and two-bedroom units and features a mix of 67 assisted living and 30 memory care units. The project featured an outstanding leading-edge design by Chancey Design Partnership and Chancey Interiors. The Chancey team has partnered with Rookis Development on several other highly successful senior living projects, in addition to numerous other product types throughout the United States.
“The Watermark at Trinity was designed and developed by a highly respected and experienced team, in partnership with a best-in-class operator. This sale represents the continued strong investor demand for newly-constructed Class A senior housing communities in the market,” said Carr. “The existing operator, Watermark Retirement Communities, will remain in place with the new owner, which was one of several key drivers of value during a highly competitive marketing process.”
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Communications Specialist, Florida