JACKSONVILLE, FL – Watercrest Senior Living welcomed more than thirty residents to the official opening of Watercrest of San Jose Helped Living and Memory Care Community in Jacksonville, Florida. The 79,000 square foot, 90 unit senior living community, features premium amenities, exceptional care and luxury residences set along the picturesque banks of Goodby’s Creek.

Watercrest of San Jose is a signature Watercrest product, offering 66 helped living and 24 memory care apartments with spacious and upscale accommodations in a comfortable and classy design. Residents will delight in pampering in elegant Spa W, savor private mark Watercrest wines at the wine bistro, and relish the flavors of locally grown, seasonal ingredients and organic fare offered at multiple dining venues.

“Our team is thrilled to welcome the residents of Jacksonville into our Watercrest community to delight in the rich, diverse lifestyles and exceptional care they deserve,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living. “We are dedicated to supporting the growth of San Jose and the surrounding areas through job creation, educational enrichment and common unity relationships.”

Watercrest principals, Marc Vorkapich, CEO and Joan Williams, CFO, with project co-owners Starling Senior Living, recognized the demand for a resort-like community in Jacksonville offering upscale accommodations and amenities tailored to today’s senior. Watercrest of San Jose features an idyllic setting with Florida style outdoor living spaces and tranquil views of Goodby’s Creek. The pleasant, small town atmosphere offers close proximity to Jacksonville’s premier shopping, restaurants, cultural attractions and sporting events.

Watercrest Senior Living is committed to enriching the lives of seniors by making an environment of well being through wellness programs, nutritious and savory dining, and personalized care. All Watercrest memory care associates are Certified Dementia Specialists and their comprehensive memory care program utilizes innovative lifestyle approaches including personal life silhouettes, multi-sensory enhancements, Memories in the Making, and Music and Memory programs.

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ORLANDO, FL – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management and development announced that it has bought ARIUM Bala Sands, a 298-unit multifamily community in Orlando, FL, as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP.

“We bought this deal from an existing partnership. Having already been managing the deal for nearly 3 years, we have a thorough understanding of the property, its location, value-add strategy, and business plot,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “We were able to buy at an attractive cap rate and utilize accretive debt to produce fantastic cash flow from day 1.”

ARIUM Bala Sands is a lake-front, garden style apartment community built in 2002 across 36 acres. All units feature attached garages, 9 ft ceilings, full size washers and dryers, walk in closets, crown molding, and built in book shelves. With its average unit size of 1,097 square feet, Bala Sands features some of the largest floor plans in the submarket. The property is located within the prestigious Windermere School District including three schools which are A-rated by the Florida Department of Education. Bala Sands is also conveniently located only minutes from downtown Orlando, Disney and Universal Studios.

Orlando boasts one of the strongest multifamily markets in the country. The market is among the nation’s leader in job growth and population growth. It was the #1 market for job creation in the country in 2015 and was also ranked 5th nationally in rent growth.

To date, Carroll has successfully exited nineteen assets valued over $645 million, including this transaction. The investments have produced an average IRR of 30%. Carroll has bought twenty-eight properties totaling over $1.2 billion since the beginning of 2015 and is continuing to actively buy high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized in the industry as a best in class renovator and operator.

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