Kayne Anderson Real Estate bought the Watermark at Continental Ranch Assisted Living, Memory Care Facility for $29.5 million ($273,148 per unit) from Link Senior Development and Watermark Retirement Communities in a joint venture and one that Watermark will continue to manage the operations.
Developed this year, the 96,000-square-foot asset features 78 assisted living and 30 memory care beds situated on four acres in the Silverbell Corridor, at 8689 North Silverbell Road in Marana.
The Watermark at Continental Ranch gets its name from Continental Ranch, a master planned community in the heart of Marana at the base of the Tucson Mountains. The area is home to several other master planned communities, including Sunflower, a nearly 1,000 home 55+ active adult community.
Assisted Living apartments at Watermark feature kitchenettes, comfortable floor plans with large windows, many with mountain views. The community is of good size so that residents will have abundant social opportunities with neighbors – planned or spontaneous – but not so large that there is a sense of anonymity. The community also features a theatre, billiards room, craft room and card rooms for the active seniors.
The community’s Memory Care neighborhood features family-style dining (where the family is welcome to join in meals), care by universal caregivers called Nayas, personalized programming and an environment designed to evoke the warm communal comfort of family homes, dude ranches or bed and breakfast.
The two wings of the main two-story structure are connected by an interior landscaped courtyard. In addition, a large terrace and four acres of landscaped grounds provide ample opportunities for the indoor-outdoor living and dining that Tucson is renowned for.