REHOBOTH BEACH, Del. — REDICO and Ciel Senior Living have formed a joint venture to develop a new senior living community in Rehoboth Beach.
REDICO will lead the development and investment strategy for the project, and Ciel will serve as the operating partner when the community opens.
“Our involvement in this project and our ability to attract the financing necessary to make it possible reflects renewed investor interest in this industry,” says Dale Watchowski, CEO of REDICO and American House Senior Living. “This project also reflects REDICO’s broader senior living development strategy, which combines institutional capital, experienced operating partners and targeted market expansion in high-demand markets.”
This marks one of several communities that REDICO and affiliate American House plan to open over the next several years, according to the company.
Ciel Senior Living currently operates a portfolio of more than 3,000 units across 20 communities in 10 states.