Surprising fact: the company ranks as the nation’s 9th-leading senior housing operator and manages 72 operational living locations across 22 states.
This article answers who controls Watermark Retirement Communities and why that matters for families and the industry. Fortress Investment Group, a New York-headquartered global investment manager, plays a key role in recent deals. Fortress has more than two decades of involvement in senior living and has held stakes tied to major operators for years.
The company manages independent living, assisted living, and memory care with programs like Watermark University. That focus shows how corporate leadership affects daily life for residents at each community.
We also explain the difference between corporate ownership and on-site management, using the ChampionsGate example where Watermark runs operations after a purchase agreement tied to Fortress. For readers seeking clear, actionable information, this piece lays out who holds financial control and who runs care day to day.
Key Takeaways
- Watermark Retirement Communities is a top-ten national operator with 72 active living sites.
- Fortress Investment Group figures in recent ownership and transaction activity.
- The company provides independent, assisted, and memory care with resident-focused programs.
- Corporate ownership and community-level management can be separate; operations may be run by an operator under an ownership group.
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Latest Ownership: Watermark Retirement Communities Is Now Wholly Owned by Keppel
After starting with a 50% stake in 2020, Keppel finalized a full acquisition to support long-term scale and innovation.
Ownership shifted under a planned succession by cofounders. Keppel’s full purchase makes the company a wholly owned subsidiary and brings new capital for growth.
Why it matters: this investment signals confidence in the senior living industry and in an operator that spans many communities states across the nation.
Ownership timeline
The 2020 stake set a multi-year path to complete acquisition. Keppel moved from partner to sole parent to back technology, scale, and new contracts such as RIDEA structures.
Founders and leadership transitions
David Freshwater stays on the Board to ensure continuity. David Barnes stepped back from day-to-day operations and will advise future strategy.
Ownership vs. operations
Corporate control now rests with Keppel, while the community-level operator continues running daily services and care. That split keeps local teams in place as capital and systems evolve.
“This strategic move aligns capital with an operator positioned for data-driven growth,”
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Leadership Update Under New Ownership: CEO Paul Boethel and a Rebuilt C-suite
A newly formed C-suite aims to blend hands-on operations with disciplined capital planning.
Paul Boethel was named chief executive officer after serving as chief investment officer at Keppel Capital. He brings 19 years of senior housing and senior living experience across operator and capital roles. His background includes leadership at Eclipse Senior Living, Holiday Retirement, and Brookdale Senior Living.
The executive team pairs long tenure with fresh hires. COO Jeff Slichta joined in January 2025 to lead day-to-day operations. CFO Hanneke Talbot will manage finance and capital strategy. CAO Sheila Donahoe focuses on administrative functions and culture.
- General Counsel Chris Bouchard covers legal and risk oversight.
- CIO Bryan Schachter brings 18 years of institutional knowledge and investment continuity.
“This leadership mix supports growth while preserving operational excellence.”
The leadership alignment signals a priority on scalable operations, data-driven care models, and capital discipline. It also aims to keep resident experience central as the company executes growth plans.
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Watermark Retirement Communities Owner and Operating Footprint: States, Services, and Strategic Agreements
A national footprint and targeted development projects show how strategic capital meets local care needs.
Operational scale: The company manages 72 living sites across 22 states, delivering independent living, assisted living, and memory care. Programs emphasize integrative wellness and personalized experiences through Watermark University.
Five properties are under development in Watersound, Marco Island, Coral Gables, West Palm Beach, and Oceanside. These projects expand access to living options that combine lifestyle and clinical support.
Case in point: ChampionsGate partnership
In April, Fortress Investment Group acquired the asset at ChampionsGate and contracted the operator to run daily management. The community was renamed The Glades at ChampionsGate.
The Glades offers 114 independent living, 73 assisted living, and 36 memory care residences. Amenities include a fitness center, movie theater, pool, and four dining venues. Under the agreement, the operator handles care, staffing, and programming.
- Strategic alignments pair institutional capital with operator expertise to upgrade services and training for associates.
- Development in West Palm and Coral Gables signals demand-driven growth in high-interest markets.
- These models show how management agreements can scale quality across states while keeping local community culture.
“Combining investment group capital with experienced management elevates resident programs and operational consistency.”
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Conclusion
Conclusion: Now a wholly owned Keppel subsidiary, watermark retirement communities combines deep capital with refreshed leadership to support better living across its portfolio.
The company’s new C-suite under CEO Paul Boethel and an experienced operator team aims to keep service quality and wellness central. Management agreements, such as The Glades at ChampionsGate after Fortress’ asset purchase, show how partnerships preserve local care while scaling standards.
For readers weighing long-term options in senior living, this alignment signals steady governance and ongoing investment in programs, training, and technology. Learn more about the operator’s wellness approach at this precision wellness model, and review planning resources like best retirement income strategies.
Terms and conditions and transparency remain important as the company moves forward over the coming years.