A partnership of Watercrest Senior Living Group and Harbert Seniors Housing Fund II has broken ground on Watercrest Richmond Assisted Living and Memory Care, a 98-unit luxury community in suburban Richmond, Va. Trustmark Bank provided the financing, while EMJ Corp. serves as the general contractor for the project, which is scheduled to begin welcoming residents in the summer of 2022.
The property will incorporate 76 assisted living and 22 memory care units. On-site amenities will include a promenade, multiple dining options, balconies, a salon and a spa. In keeping with its luxury positioning, the community will also come with a theater, cigar lounge and water wall.
Located at 5500 Woolridge Road in Moseley, Va., the site is just off state highway 360 and 20 miles southwest of downtown Richmond. The parcel sits in a mostly residential area near Swift Creek Lake, with Magnolia Green Golf Club nearby.
Harbert Seniors Housing Fund II is Harbert Management Corp.’s second investment fund targeting the senior housing market. Roughly a year ago, the same fund acquired a 134-unit senior community near Sacramento, Calif. In May, the company announced the final close on the reserve, with total equity commitments reaching roughly $510 million.
The new project marks Watercrest’s entry in the Virginia market, according to Marc Vorkapich, principal & CEO. In a recent interview with Multi-Housing News, Vorkapich noted that the company maintains a robust development pipeline with additional construction starts expected.