Business Strategy

For his post Fountains chapter, Freshwater naturally teamed with long-time friend, business partner and brother-in-law, David Barnes, president of Watermark Retirement Communities.  In addition to third-party management contracts, Watermark operates the communities The Freshwater Group develops and/or acquires. Armed with years of trench time with Freshwater at The Fountains (17 years, to be exact), Barnes and the Watermark team are well equipped to tackle the rigors of both start up and turnaround ventures.

The Freshwater Group is pursuing two key business strategies. The first is the acquisition, expansion and repositioning of large-scale senior housing campuses. These communities are generally continuing care retirement communities ("CCRCs") where a continuum of services is available for residents of the community from independent living cottages and apartments to nursing and rehab care. The plan calls for all CCRCs to be re-branded as Watermark communities upon their acquisition. To date, affiliates of The Freshwater Group have purchased three such large-scale CCRCs including The Watermark at Logan Square, The Watermark at 3030 Park and The Watermark at East Hill. The firm is also in late stages of negotiation for the purchase of two large-scale retirement communities in Arizona and one in New Jersey that will close in late 2008 and early 2009.

Its second key business strategy is to develop and construct a new style of community for mature individuals who need assisted living and nursing services. These new communities will be called "The Villas" and will be comprised of “warm, smart, and green” group homes, each housing 10-14 residents. The design of The Villas has been inspired by the principles espoused by Freshwater's long-time industry colleague Dr. William Thomas, founder of the Eden Alternative and The Greenhouse Project, a radically new and innovative approach to long-term, skilled nursing care.  The Villas are The Freshwater Group's own branded response to the new paradigm for de-institutionalized environments in which elders receive care almost invisibly. TFG, Watermark and our partners look forward to bringing The Villas to the marketplace in multiple locations in the coming years.

To help launch this exciting development concept, Watermark entered into an agreement to manage an existing property in Tucson, Arizona (Via Elegante) and is currently working with two not-for-profit organizations to develop Villa projects on land they own.  In addition, TFG is planning to add where feasible Villa Homes to its existing portfolio of communities  to projects. These projects are slated to break ground in 2009. The Freshwater Group will work with Watermark in the management of Villa communities to ensure that the residential atmosphere and work culture of these communities meets Freshwater's high standards for de-institutionalized care.