About Us
The Freshwater Group is a small business that formed in 2005 to build onto its founders' 20 years of experience in the senior living industry. Despite its short history, the company is comprised of individuals who have hundreds of combined years of experience in seniors housing and have worked together for most of them in The Fountains. In every situation, Freshwater and his team impart extraordinary vision and aptitude for creating appealing and ultimately successful environments for living and working. The Freshwater Group has been brought together to selectively engage in developing visionary projects that will dramatically improve quality of life for older adults.

The Team
David Freshwater, President   Ever since he and his brother started a garage band in junior high school, David has been a consummate entrepreneur. With an undergraduate degree in environmental design (architecture) from Miami University and a graduate degree in finance from the University of Arizona, he experimented with several start-up companies in the 1980s. He found his niche in seniors' housing in 1985.

David was able to leverage his entrepreneurial spirit and multi-faceted background in business, finance and environmental design into a highly successful venture. 20 years after creating The Fountains brand and business with virtually no capital investment of his own, in June of 2005, he sold the venture to a publicly traded company for approximately $500 million dollars.  Based in Tucson, Arizona, The Fountains was engaged in development, acquisition, ownership and management of a variety of companies that provided housing, hospitality and health care to mature adults. The affiliated businesses included retirement communities, nursing homes, home health care agencies, management and marketing services, and real estate brokerage.

Even as the seniors' housing industry has become dominated by rapidly expanding, publicly-held companies, the privately-held The Fountains ranked among the nation's largest owners/operators of seniors' housing for many consecutive years. Size was not the only measure of this company's success. Beginning with his first seniors' housing venture, David's company was recognized repeatedly for quality and innovation.

Growing a company from the ground up is rarely easy. Nevertheless, David is undaunted by unmapped territory. He loves new challenges and approaches them with the spirit and passion of a kid playing his favorite game. One of the keys to David's ongoing success is that he remains humble and makes concerted efforts to be involved and in touch with both his staff and customers. During his frequent travels to his Watermark communities, it is not unusual to find David working alongside wait staff serving dinner or sitting at the piano after dinner banging out improvisational jazz for an audience of 80-year old residents.

A member of ASHA since 1992, David is currently on the Executive Board of that organization which serves as an industry think-tank, plotting the future direction of seniors' housing. Based on his innovative vision, solid management track record, financial strength and long term growth strategy, David and The Freshwater Group are well positioned for future success as the industry continues to experience rapid change and expansion.

Frederick P. Zarrilli, Vice Chairman, Mr. Zarilli has 23 years of real estate investment experience and has been active in the seniors housing industry for over a decade. During 1997-2007, Mr. Zarrilli was Managing Director of Fremont Realty Capital, L.P., a real estate investment management firm based in San Francisco and New York, where he was a key member of the general partner for a series of institutional real estate funds. In prior positions he was a founding principal of Karpf, Zarrilli & Co., a New York-based real estate investment and advisory firm (1993-1997) and a senior officer of Eastdil Realty, Inc., a real estate investment banking firm where he held positions in New York, London and Munich (1984-1993). In the seniors housing sector, Mr. Zarrilli was Chairman of the Board of Hearthstone Assisted Living, Inc. (1998-2006), a fully-integrated developer and operator of 32 assisted living communities across ten states, and he served on the Management Committee of Fretus Investors, owner of 24 assisted living communities in seven states acquired from Marriott Corp. in 2002. Mr. Zarrilli received a Bachelor of Science (BS) degree from Tufts University in 1980 and a Master of Business Administration (MBA) degree from The Wharton School in 1984.

Rick Kamminga, COO  Rick has 16 years of management experience in the seniors’ housing industry. He has been with The Fountains and its successors since 2001, serving as Regional Director with a portfolio of communities that has changed periodically to meet the current needs and challenges of the company. His first experience in seniors’ housing was as Executive Director for a 409-unit life care community in Michigan before being promoted to VP of Operations over eight CCRC’s (3,500 units) for the Freedom Group. Before his company was acquired by American Retirement Corporation, he oversaw 20 communities in the Southeast. Before joining The Fountains, he started a premier condominium community in Sarasota, which was 90% sold within its first year. After a short stint with Sunrise following the sale of The Fountains, Rick rejoined Freshwater at The Freshwater Group. Prior to his career in seniors’ housing management, Rick was a zone manager for Michigan National Bank, in Grand Rapids. He has a Master’s degree in Business Administration from Western Michigan University in Kalamazoo.

James Goebel, VP of Design and Development  With a passion for creating innovative ideas, Jim is always looking for ways to make each project unique as well as maintain the high standard of which our communities are known. Jim and his teams continue to be recognized nationally for their designs throughout the senior housing industry. Jim has recently rejoined David Freshwater at The Freshwater Group after spending the last several years working as a Development Officer for Sunrise Senior Living and was integral in the start-up of their Renovation Division. Prior to joining Sunrise, Jim was an Assistant VP of Design for The Fountains along with consulting for The Fountains while owning The Goebel Design Group. Jim attended Arizona State University and holds a degree in construction management.

Carl Mittendorff, VP and Senior Analyst  Prior to joining The Freshwater Group, Carl worked as a consultant for real estate developers and investment companies throughout the Southwest. Carl develops and maintains quantitative financial models to evaluate acquisitions, asset risk profiles, investment performance, development feasibility, economic sensitivity, disposition, and capital structure analyses. He also assists with project planning, contractor selection, contract negotiations, and oversight during construction.  While earning his Bachelor of Arts degree in economics from The University of New Mexico, his honor’s thesis was published in Public Policy Studies. Carl is a licensed real estate broker, certified mediator, CCIM candidate, and member of four real estate boards and the Urban Land Institute.

Bryan Jaret-Schachter, Analyst  Prior to his position as analyst with The Freshwater Group, Bryan was the Wellness Initiative Coordinator for Watermark Retirement Communities, The Freshwater Group's sister organization. In connection with his background as a certified personal trainer, Bryan’s role included the development of the Watermark Community fitness centers, the company’s Associate wellness program and the implementation of Watermark University. As an analyst for The Freshwater Group, Bryan performs financial and market analysis for the properties that The Freshwater Group and Watermark Retirement Communities currently own and operate, as well as potential acquisitions and new developments. Bryan received his Bachelor of Science Degree in Business Administration from the University of Arizona’s Eller College of Management in May 2007, with a concentration in Marketing and Entrepreneurship.

Rachel Rangelov, VP Construction Services  Rachel Rangelov joins the team at The Freshwater Group with over 12 years of construction-related experience. Rachel began her career as a Project Manager for an engineering firm responsible for developing wireless communications facilities throughout New England. She was responsible for the management of projects from the conceptual phase through zoning and final design. For the past 11 years, Rachel has been involved in construction management. Projects she has managed include historic home renovations, construction of HAZMAT and Army training facilities and numerous commercial renovation projects. She has written several technical proposals resulting in the award of many multiple year government contracts. Rachel attended the University of Hartford receiving certification of Construction Management in 2006. She received the US Army Corps of Engineers Quality Control certification and has been designated by the State of Massachusetts as a Licensed Construction Supervisor.

Denise Barnes, Image Coordinator  Denise has worked in graphic communications for fifteen years, first as a partner in a corporate art dealership in Silicon Valley that specialized in getting engineers and artists talking about the creative process, followed by several years with the technology group of a Swiss-based investment bank in Silicon Valley with significant responsibilities to both the internal team as well as the group’s clients. In both print and electronic media, Denise works with The Freshwater Group to find distinctive and creative solutions to express their unique vision. Denise holds a PhD in Art History (with an emphasis on medieval manuscripts) from Stanford University.


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