Watercrest Senior Dwelling Group and Harbert Seniors Housing Fund II Announce the Groundbreaking of Watercrest Richmond

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Watercrest Senior Living Group and Harbert Seniors Housing Fund II Announce the Groundbreaking of Watercrest Richmond

RICHMOND, VA – Watercrest Senior Living Group and joint venture partner Harbert Seniors Housing Fund II announced the groundbreaking of Watercrest Richmond Assisted Living and Memory Care in Richmond, Virginia. The luxury senior citizens' community with 98 residential units, financed by Trustmark Bank and under construction, is expected to welcome its residents in summer 2022.

Watercrest Richmond will be a signature product of Watercrest, offering 76 assisted living apartments and 22 memory servicing apartments with resort-style service and premium maintenance. The architecture and design features a stunning boardwalk, fireplace, signature wall of water, multiple restaurants, a theater, salon and spa, Bogey's Scotch & Cigar Lounge, and large southern-style balconies and outdoor living areas.

"We are pleased to announce the expansion of Watercrest into Virginia and are grateful for our excellent partnership with Harbert in the development of Watercrest Richmond," said Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group. "We celebrate this partnership and the opportunity to establish an exceptional Watercrest product in the distinctive Richmond community."

Ideally located on 5500 Woolridge Road, Watercrest Richmond offers the best of big city amenities with the delights of southern charm. Richmond is recognized as a top travel destination by Travel + Leisure, offering a variety of dining, entertainment, and cultural venues just minutes from the rolling hills of Virginia farms, beautiful state parks and charming wineries.

Marc Vorkapich, CEO, and Joan Williams, CFO, are developing several Senior Living projects across the Southeast and setting new quality standards for seniors and their families in developing upscale senior living communities. This is the first Senior Living Development project that Watercrest and Harbert's Senior Housing Investment Team collaborate.

"Harbert identified Watercrest Senior Living as a world-class senior living developer and operator with a shared vision to create exemplary senior living communities for our stakeholders," said Brian Landrum, senior managing director of Harbert Management Corporation. "We look forward to the successful development of Watercrest Richmond and our future partnerships with the Watercrest team."

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