Titan Development Real Estate Fund I (TDREF I) will invest equity in a new Watercrest Senior Living Group project. Watercrest Senior Living Group specializes in the development and operations of assisted living and memory care communities, market repositioning and advisory services.
Watercrest Columbia, a new 107-unit senior living community in Columbia, S.C., will be Titan Development Real Estate Fund I’s first project in partnership with Watercrest Senior Living Group and its first project in the state.
“The Watercrest team is thoughtful and analytical in their approach to evaluating markets, design, and projecting the operating performance of a
community,” said Coe Schlicher, fund manager.
This investment adds to TDREF I’s growing senior living portfolio, which now includes projects in New Mexico, Florida and South Carolina. TDREF I is a $200 million private equity real estate fund that closed on its first round of equity in September 2017 and has rapidly begun to deploy capital. In April of 2017, TDREFI was established to raise and invest equity in approximately $600 million of Titan Development’s existing pipeline as well as other investment opportunities.
The fund team provides the following services: fund management, strategic investment and macroeconomic/market analysis. The fund has projects and land holdings across Florida, Texas and New Mexico, with additional investments and partnerships in Arizona and South Carolina.
The U.S. senior housing market improved modestly in 2017 and is set to improve further in 2018, largely due to lower construction levels, according to CBRE’s 2018 U.S. Market Outlook report. For the most part, the traditional segments of seniors housing — independent living, assisted living, memory care and nursing care — are not yet benefiting from baby boomer demand. The baseline of CBRE’s report is for continued economic growth and rising employment in 2018, which should benefit all major asset classes.
