Represents first two communities in $700 million pipeline
McLean, VA (October 12, 2021) — Silverstone Senior Living celebrated the opening of its first two properties in a $700 million pipeline of luxury senior living communities in the Washington, DC. area. The Seneca in Rockville, Maryland and The Providence in Fairfax, Virginia offer upscale, boutique-style assisted living and memory care.
“We are exceptionally proud of our team and partners that persevered during a pandemic to build and open these world-class communities without missing a beat,” said Bobby Zeiller, vice chairman and recently named co-chief executive officer of Silverstone Senior Living. “These properties are stunning, and both have received a high level of interest from people looking to move into assisted living.”
The Seneca is a $76 million 146-unit assisted living and memory care community that welcomed its first residents in August. Construction began in September 2019. The Providence is a $75 million 154-unit assisted living and memory care community that opened in March 2021. Construction began in May 2019. Residents enjoy a wide variety of amenities that rival world-class resorts such as concierge services, chef-driven restaurants, outdoor spaces, a wellness center, salon, and day spa. One- and two-bedroom residences feature modern kitchenettes, high-end appliances, upscale finishes, tall ceilings, and ample natural light. All units are available on a monthly rental basis with no large entry fee.
Both properties are managed by Watermark Retirement Communities, a leader in senior living offering impeccable service, innovative care, and pioneering programming.
Silverstone Senior Living was established in Dallas in 2012 by hospitality and real estate veteran Denny Alberts, who had held executive roles at Crescent Real Estate Equities, Inc., Pacific Retail Trust, Rosewood Property Company and Trammell Crow Residential Company.
In 2015, Silverstone entered the D.C. market and in 2016 hired Bobby Zeiller, who conceptualized a plan for an initial phase of investment totaling $250 million, including The Seneca, The Providence and The Landing, a $100 million community currently under construction in Alexandria, Virginia. The Landing will offer 163 independent living, assisted living and memory care units. Construction began in 2020 and is slated to open early 2022.
The company is working through plans on the second phase of investment including four additional sites in Northern Virginia and Montgomery County, Maryland, representing an additional $450 million of investment.
ABOUT SILVERSTONE SENIOR LIVING
Silverstone Senior Living develops high-quality senior housing communities, which provide independent living, assisted living and memory care services in Texas, Florida, and the Mid-Atlantic states. The principals of Silverstone have extensive experience and an excellent record of accomplishment in the real estate industry. This experience includes designing, developing, managing, operating, and owning premier properties throughout the nation and across all the major asset platforms for both public and private companies. Silverstone is committed to developing and operating “best in class” communities that are as comfortable as home, luxurious as a country club, and provide the highest level of care. www.silverstoneseniorliving.com
ABOUT WATERMARK RETIREMENT COMMUNITIES®
Watermark creates extraordinary communities where people thrive. We believe aging is about renewal rather than retirement. Watermark communities are known for highly trained and caring associates, a lifestyle built on choice, fine amenities, integrative wellness, and innovative programs including the award-winning Watermark University featuring a wide variety of engaging classes for residents and area seniors. Watermark has been named in the top 25 Best Workplaces for Aging Services in a national program conducted by the Great Place to Work Institute and published on Fortune.com. A privately held company with a reputation for over 30 years for service, innovation, integrity and financial stability, Watermark manages more than 65 retirement communities coast to coast. Based in Tucson AZ, Watermark is ranked as the nation’s 9th-leading senior housing operator by the American Seniors Housing Association. Visit watermarkcommunities.com for more information.
FOR IMMEDIATE RELEASE
October 12, 2021