Kayne Anderson, Watermark Open 189,000 SF Adaptive Reuse Senior Living Community in Los Angeles
LOS ANGELES — Kayne Anderson Real Estate and Watermark Retirement Communities have opened The Watermark at Westwood Village, a high-rise seniors housing community in Los Angeles. The community is the latest addition to Watermark Retirement Communities’ Elan Collection, a group of high-end senior living communities. The property offers independent living, assisted living and memory care.
The Watermark at Westwood Village was previously a University of California, Los Angeles (UCLA) dormitory dating back to the 1960s, before going through a four-year renovation. The property has 188 residences with studio, one- and two- bedroom apartments. The fully renovated property includes two 14-story towers totaling 189,000 square feet.
The asset features four dining venues. Taboon serves Mediterranean-inspired food, while The W Lounge serves traditional food along with cocktails, beer and wine. The Gallery Café offers coffee and small food options. Also, Watermark at Westwood Village offers dedicated room service or catering for events at the property’s private dining rooms.
The community also features a salon and spa; library and lounge; event space; fitness and wellness center; and a courtyard with a fireplace and private dog run. Residents will have access to 24-hour assistance from onsite associates who provide room service, transportation, pet care services, dry cleaning and personal shopping.
The property is located in Westwood, a neighborhood between Beverly Hills and Century City, which features many cultural institutions such as Geffen Playhouse, Regency Village, Hammer Museum and UCLA.
The Watermark at Westwood Village has worked with UCLA’s Longevity Center so that its residents will have access to research-based enhancement classes to learn the science behind memory building and to practice how to enhance cognitive abilities. UCLA has a Senior Scholars program for those interested in going back to school at an older age.
The designers on the project were architecture firm CallisonRTKL and global design firm HBA.
Kayne Anderson Real Estate is a real estate private equity investor in seniors housing. Watermark Retirement Communities is a senior living company focused on elder care innovation and is based in Tuscon, Arizona. Together the two companies own and operate 16 retirement communities with a total of more than 2,300 units of independent living, assisted living, memory care and skilled nursing.
“We are excited to be involved in fulfilling a growing demand for high-quality seniors housing in the heart of Los Angeles,” says Al Rabil, co-founder, managing partner and CEO of Kayne Anderson. “Urban seniors housing properties are an attractive alternative real estate investment segment within a rapidly growing market.”
— Julia Sanders