Silverstone Taps Watermark Retirement Communities to Operate $500M Portfolio
Leaders in healthcare collaborate to launch the Élite Collection – boutique-style senior living communities rooted in hospitality and integrated wellness.
January 25, 2021 (McLean, Virginia)—Dallas-based Silverstone Senior Living announced the collaboration with Tucson-based Watermark Retirement Communities to operate a growing portfolio of rental senior living communities offering independent, assisted and memory care services in Greater Washington D.C.
Watermark is the leader in creating extraordinary senior living communities with impeccable service, innovative care and pioneering programming. Following a mantra that focuses on renewal rather than retirement, Watermark will manage 465 assisted living, memory care and independent rental apartments across three properties: The Providence in Fairfax, Virginia, The Seneca in Rockville, Maryland and The Landing in Alexandria, Virginia.
“Silverstone and Watermark are out to change the way people think about assisted living,” said Denny Alberts, chief executive officer for Silverstone. “We are fortunate to be teaming with a partner in the D.C. area that shares our belief in creating communities that bring together a higher level of design features, amenities and services not typically found in assisted living communities.”
Currently, the team is putting the final touches on The Providence, located in the emerging MetroWest community in Fairfax, ahead of its grand opening in March. Future residents will enjoy a wide variety of amenities that rival world-class resorts such as concierge services, chef-driven restaurants, a rooftop terrace with fire-pit seating and a salon and day spa. Private studio, one- and two-bedroom residences in a brand-new, mid-rise building are available on a monthly rental basis with no long-term commitment. Apartments feature modern kitchenettes, high-end appliances, upscale finishes, tall ceilings and ample natural light. Some include a private balcony. The community is now leasing and open for tours by appointment.
Watermark will bring its highly trained associates to provide custom care, personal assistance and its award-winning programs such as Watermark University where residents have the opportunity to continue learning, growing and achieving wellness. Other unique programs include EngageVR, a virtual reality exercise that keeps the brain active while providing uplifting and educational experiences.
“We are truly excited to bring our Watermark brand to Silverstone’s Élite Collection of properties in the Washington D.C. market,” said David Barnes, chief executive officer of Watermark Retirement Living. “Our aging seniors deserve living experiences that allow them to continue to thrive in comfortable and engaging environments and together we bring a one-of-a-kind lifestyle for discerning seniors accustomed to the utmost level of quality.”
Dallas-based Silverstone entered the Washington market in 2018 with three prominent ground up developments representing a $250 million investment. The company also has its sights on additional locations in Northern Virginia and Maryland, representing another $250 million. Watermark will operate these new locations. The Seneca in Rockville is slated to open July and The Landing in Alexandria will welcome residents early 2022. Both properties are currently taking deposits.
NOTE REGARDING COVID-19: With a focus on residents’ health, all properties in the Élite Collection feature innovations that reduce or prevent transmission of viruses. These include an enhanced filtration and HVAC system, cold plasma bi-polar ionization, relative humidity levels of 40-60% and touchless technology in common areas, among other measures. Through extensive research, planning and groundbreaking technology, the Élite Collection is built with sustainable practices to support health and wellness and the environment. All of the communities have achieved LEED Silver certification with the U.S. Green Building Council.
About Silverstone Senior Living
Silverstone Senior Living develops high-quality senior housing communities, which provide independent living, assisted living and memory care services in Texas, Florida and the Mid-Atlantic states. The principals of Silverstone have extensive experience and an excellent record of accomplishment in the real estate industry. This experience includes designing, developing, managing, operating and owning premier properties throughout the nation and across all the major asset platforms for both public and private companies. Silverstone is committed to developing and operating “best in class” communities that are as comfortable as home, luxurious as a country club, and provide the highest level of care. www.silverstoneseniorliving.com
About Watermark Retirement Communities®
Watermark creates extraordinary communities where people thrive. We believe aging is about renewal rather than retirement. Watermark communities are known for highly trained and caring associates, a lifestyle built on choice, fine amenities, integrative wellness and innovative programs including the award-winning Watermark University featuring a wide variety of engaging classes for residents and area seniors. Watermark has been named in the top 25 Best Workplaces for Aging Services in a national program conducted by the Great Place to Work Institute and published on Fortune.com. A privately held company with a reputation for over 30 years for service, innovation, integrity and financial stability, Watermark manages more than 60 retirement communities coast to coast. Based in Tucson AZ, Watermark is ranked as the nation’s 11th-leading senior housing operator by the American Seniors Housing Association. Visit watermarkcommunities.com for more information.