VERO BEACH, FL – The leadership teams of Watercrest Senior Living Group and The St. Joe Company announced that construction is steadily advancing at the site of Watercrest Santa Rosa Beach Helped Living and Memory Care in Santa Rosa Beach, Florida. EMJ Corporation has completed over 60% construction of the 107-unit, 92,000 square foot luxury senior living community and the building is scheduled to welcome residents in late 2020.
Watercrest Santa Rosa Beach will be a signature Watercrest product, offering 75 helped living and 32 memory care apartments with resort-style service and world-class care. The architecture and design will boast a stunning promenade, fireplace, signature water wall, multiple dining options, pool, salon and spa, grand balconies, and Florida-style outdoor living spaces. Watercrest’s uniquely designed Market Street Residence will showcase an ‘outdoor’ streetscape with numerous LifeBUILT programming touches; a highlight and crucial element of their multi-sensory memory care programming.
“Watercrest Santa Rosa Beach has made significant progress since our groundbreaking celebration last fall and we are thankful to all of our partners for their outstanding support,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group. “We look forward to establishing relationships within Santa Rosa Beach and offering local seniors a diverse and enriching lifestyle in this spectacular beachside community.”
Ideally located at 205 West Hewett Road, Watercrest Santa Rosa Beach is nestled amongst charming and idyllic towns brimming with Southern hospitality and a unique spirit. The 26-mile stretch of white-sand beach along the Emerald Coast draws visitors and residents alike to its cool, turquoise waters. The innovative neighborhood design and temperate climate offer year-round events alongside flourishing entertainment, dining and cultural attractions.
With multiple developments across the southeast, Watercrest principals, Marc Vorkapich, CEO, and Joan Williams, CFO, are poised to open multiple senior living communities in the next few years. This is the first senior living development project partnered between Watercrest and The St. Joe Company.
“It has been fantastic to watch the construction progress on this project,” said Jorge Gonzalez, President and CEO of The St. Joe Company. “The community will be a fantastic home for future residents, and we are looking forward to the grand opening.”

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SEATTLE, WA – Skyrocketing unemployment across the U.S. has prompted millions of adults to go back in with their parents. A new Zillow analysis shows potential rent lost from Gen Z alone could total an estimated $726 million, and the ripple effects of their next go could have far-reaching consequences for the housing market.
The number of adults living in a parent’s or grandparent’s home grew by more than 2.7 million in March and Aprili, nearly triple the next-largest two-month increase from the past five years. A large majority of those who went home — about 2.2 million — are from Generation Z, and between 18 and 25 years ancient.
Those 2.2 million Gen Zers represent an estimated $726 million in rent payments each month — payments that could be lost if these moves prove to be more than a temporary measure. That represents about 1.4% of the rental market at risk. It is highly unlikely that all leases will be broken and this full amount would go unpaid, but it serves as a gauge of the potential impact on housing.
The next go this population makes could shape the housing market’s near future. If jobs quickly return to pre-pandemic levels, the housing status quo could return just as quickly as these renters return to the market. But if jobs are permanently lost or slower to recover than expected, that could free up many rental units and drive down prices.
“The share of adults living with their parents has been high since the global financial crisis of the aughts,” said Zillow Senior Principal Economist Skylar Olsen. “Then, it was Millennials flocking to the basements and spare bedrooms of their Baby Boomer parents, where many remained as rent burdens grew. Now, it’s Gen Z’s turn to ride out today’s crisis amid massive unemployment. But this time, rents are more likely to slow, easing the path to returning to living on their own even if some under-employment persists. Apartment construction has exceeded historic norms in recent years and some are likely to double up or live more affordably in all kinds of ways, which should soften rent growth, at least for now.”
Previous Zillow research has shown renters in some industries highly affected by coronavirus-related layoffs were struggling to keep their heads above water even before the pandemic started. It’s possible that many will appreciate the breathing room afforded by living with parents if allowed to stay rent-free, and stay even after their jobs return. That could allow some Gen Zers to save enough to go into homeownership more quickly, or perhaps even delay their parents from downsizing into a smaller home while a child is still living under their roof.
Young Americans go more often in general because they tend to have less stable employment and have not had time to accrue the same level of savings as older counterparts. Many also go home during the summer due to college schedules, typically bumping up the share of young adults living with parents by 2-3 percentage points from April to July.
It is likely that some college students made that go earlier this year as campuses closed due to COVID-19, contributing to the jump seen in April, but there were far more young people living with parents in April than even during a typical summer peak, indicating the usual seasonal shift was super-charged by soaring unemployment. Recently unemployed young people went back home at roughly the same rate as usual — about 60% of them typically live with parents — but the pool is much larger than ever.
Metros with a higher share of young renters have a greater potential for impact. This includes Austin, Kansas City, Cincinnati and Pittsburgh. On the other end are areas with more millennials and older renters, including Miami, New York and Los Angeles, each with less than 1% of the rental market made up of young people who have went home.

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NEW YORK, NY – Hunt Real Estate Capital announced it has closed three Fannie Mae multifamily conventional loans totaling $45.5 million for three Southeast properties with a total of 620 units.
“The borrower, EBSCO Income Properties, LLC, wanted to obtain advantageous, long-term debt on each of the properties and place them in a favorable position for the foreseeable future,” said Chad Hagwood, senior managing director and southeast regional manager with Hunt Real Estate Capital. “By closing three 12-year loans with low, fixed rates and four years of interest only, our team was able to provide an ideal solution for our client.”
Tapestry on Vaughn, located in Montgomery, Alabama, is a garden-style multifamily community built in 1994. Trilliam Luxury Apartment Homes, in Clanton, Alabama, is an affordable housing community built in 2002. Located in Macon, Georgia, Pavilion at Plantation Way is a mid-rise apartment property built in 2009.
“It was a pleasure working with Chad Hagwood and Hunt Real Estate Capital’s Birmingham team to process and close three heavily-structured refinances,” stated Leslie Yeilding, president and general manager of EBSCO Income Properties, LLC. “Chad’s team was able to deliver a stellar outcome, completing the loan process in just 22 days from application signing to funding during the COVID-19 pandemic.”
“With such a tight schedule, there was no time for missteps, and it is times like these where experience means everything,” Hagwood added. “The team at Hunt was able to seamlessly do the process from start to end, resulting in a very satisfied client and deals closed exactly as they were place under application despite the turmoil in the market.”

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