The Towers, which formerly served as a residence for Jehovah's Witnesses members, has been acquired by Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors. The building, located at 21 Clark Street in Brooklyn, NY, will be renamed The Watermark at Brooklyn Heights. KAREA plans to establish a partnership with the Tuscon, Arizona-based company, Watermark Retirement Communities, to convert the property into an upscale retirement residence. The purchase price remains undisclosed.
Al Rabil, managing partner and CEO of KAREA, notes the property has been meticulously maintained throughout its history, allowing for a unique redevelopment opportunity for modern, luxury living focusing on seniors in Brooklyn and Manhattan.
“Increased demand for urban senior living options, coupled with shifting demographic trends, makes the Watermark at Brooklyn Heights an attractive seniors housing investment opportunity,” says Rabil.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
