NEWNAN, Ga. — A joint venture between Watercrest Senior Living Group and Waypoint Residential has unveiled plans for Watercrest Newnan Assisted Living and Memory Care Community in the Atlanta suburb of Newnan.
The 107-unit, resort-style senior living community will be situated on 9 acres. Groundbreaking is scheduled for February 2018 for an opening in spring 2019.
Florida-based Watercrest specializes in the development and operations of assisted living and memory care communities, market repositioning and advisory services. The project represents Waypoint’s entry into the seniors housing sector, having previously worked as an investor in conventional multifamily and student housing.
“Expanding into seniors housing … is another important step in Waypoint’s growth and our objective to acquire and develop various specialty types within rental housing throughout the United States,” says Scott Lawlor, CEO of Waypoint Residential. “The long-term demographics driving senior rental housing are overwhelmingly favorable, creating the opportunity to capitalize on attractive investments that can potentially generate compelling risk-adjusted returns.”
D2 Architecture designed the 92,000 square-foot project.