Alta Senior Living Buys 175-Unit Waterside Landing Community in South Florida, Plans $6.5M Renovation

by Jeff Shaw

MARGATE, Fla. — Alta Senior Living has acquired Waterside Landing, a 175-unit independent and assisted living community in Margate, approximately 40 miles north of Miami.

Alta will both own and operate the property. The seller and price were not disclosed.

Over the next 12 months, Alta Senior Living plans to invest another $6.5 million in renovation capital to further enhance the community and convert 22 units on the first floor from assisted living to secured memory care.

“Waterside Landing is exactly the type of acquisition opportunity we’re seeking right now,” says Douglas Brawn, principal of Alta Senior Living. “This community has so much potential, and we immediately saw the vision during our first community tour. It took us several months to tailor the right business plan, but we’re excited to complete the renovation work, enhance the design and amenities, and convert half of the first floor to secured memory care.”

With the successful addition of Waterside Landing, Alta Senior Living is now working on several additional acquisition opportunities within Florida and California markets.

“Although many investors are still on the sidelines, we’re excited about the opportunities we’re seeing right now,” says Scott McCorvie, CFO and executive vice president of investments at Alta Senior Living. “We feel it’s the perfect time to acquire established communities, infuse strategic renovation capital, and transition out remote operator groups with our local, knowledgeable management teams.”

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