Watercrest JV Completes Virginia Senior Housing Community
The firm partnered with Harbert Seniors Housing Fund II for the 98-unit property.
Watercrest Senior Living Group has completed its first senior housing project in the Richmond, Va., market along with its joint venture partner, Harbert Seniors Housing Fund II. The joint venture completed construction at Watercrest Richmond Assisted Living and Memory, a 98-unit senior housing community in Moseley, Va.
The luxury community opened reservations in April 2022 but is only now welcoming its first residents. The joint venture tapped EMJ Corp. as the project’s general contractor, breaking ground on Watercrest Richmond in January 2021. The senior housing project also landed financing from Trustmark Bank.
Watercrest Richmond offers 76 assisted living units and 22 memory care apartments. The community’s amenities include a promenade, art studio, music room, fireplace, theater, salon and spa, cigar and scotch lounge, fitness center, physical therapy center and dining venues.
The developers designed the community with many natural elements including a water wall, live moss walls and large windows for the most natural light. Watercrest Richmond also includes outdoor amenities including a greenhouse, gathering spaces, landscaped grounds and walking paths.
Located at 5250 Grandin Ave. in the Richmond suburb of Moseley, residents have nearby access to the area’s attractions, like the Metro Richmond Zoo and the River City Sportsplex. The senior housing community is also roughly 20 miles away from downtown Richmond.
Hitting full occupancy in Florida
Watercrest Richmond marks the first project between the senior housing developer and Harbert Seniors Housing Fund II. For Watercrest, the project also represents its entry into the Virginia market.
However, Watercrest has plenty of experience developing senior housing communities across the U.S. At the beginning of the year, Watercrest opened its 98-unit Watercrest Macon senior housing community that also has assisted living and memory care units in Macon, Ga. In March, Watercrest also reached full occupancy at its 128-unit senior housing community in Port St. Lucie, Fla. that opened in 2018.
As for Harbert, the senior housing fund is Harbert Management Corp.’s second investment fund targeted at senior housing communities. The fund raised approximately $510 million in equity commitments, which will be used to create a diverse portfolio of senior housing communities across U.S. markets.