Three seniors housing communities in The Villages and Winter Park, Florida, sold

ORLANDO, Jan. 9, 2025 – JLL Capital Markets announced today that it has closed the portfolio sale of Watercrest Buena Vista, Watercrest Spanish Springs and Watercrest Winter Park, seniors housing communities totaling 416 units in The Villages and Winter Park, Florida.

JLL’s Seniors Housing Capital Markets team represented the seller, Titan Development, in the sale of the properties to AEW Capital Management. The buyer retained the current operator, Watercrest Senior Living, as the third-party operator. JLL is also handling the acquisition financing on two of the assets for the buyer, which will close in January 2025.

Two of the properties are positioned within The Villages, the largest age-restricted, master-planned community in the U.S., located approximately 45 miles northwest of Orlando. The Villages is home to more than 80,000 residents over the age of 65 and has been one of the fastest growing metros in the entire U.S. for the last decade.

Completed in 2018, Watercrest Buena Vista offers 224 units in a three-story, Class A building. The community uses the continuum of care model offering a mix of 118 independent living, 74 assisted living and 32 memory care units to age in place. Watercrest Buena Vista also offers residents a full amenity package with underground parking, a heated pool, fitness center, salon, media room, bistro and bar and a golf cart charging station.

Watercrest Spanish Springs opened in 2016 and consists of 86 assisted living and memory care units. The three-story property features a variety of amenities, including restaurant-style dining, social gathering areas, salon services, dynamic programming and activities and wellness and exercise programs.

The third property in the portfolio is Watercrest Winter Park, a 106-unit assisted living and memory care community located in the affluent Orlando submarket of Winter Park.  Built in 2019, the community features high end amenities, attracting some of the strongest rents in its market. 

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Titan Development is a Southwest development and real estate investment firm with experience in diversified asset classes across varied geographic markets. Titan has a wealth of real estate development experience including private equity fund investment and management, and has offices in Austin, TX, and Albuquerque, NM. Since 2017, Titan Development has closed on a total of $329 million in private equity funds.

For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide.   As one of the world’s largest real estate investment advisors, AEW and its affiliates manage $86.4 billion in private real estate equity, debt and listed securities across North America, Europe and Asia (as of September 30, 2024).  Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities.  For more information, please visit www.aew.com.

As of September 30, 2024. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe SA and its subsidiaries. AEW Europe SA and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other.  Total AEW AUM of $86.4 billion includes $40.4 billion in assets managed by AEW Europe SA and its affiliates, $5.3 billion in regulatory assets under management of AEW Capital Management, L.P., and $40.7 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice.