Watermark Retirement
Watermark Retirement Communities is a premier senior living operator managing over 70 communities across 21 states with approximately 5,800 associates, ranked as the nation's 9th-leading senior housing operator by the American Seniors Housing Association. Founded in 1985 by David Freshwater and David Barnes as The Fountains in Tucson, Arizona, the company pioneered wellness-based senior living in collaboration with the University of Arizona Center on Aging before rebranding as Watermark in 2006. Headquartered in Tucson, Watermark became a wholly-owned subsidiary of Singapore-based Keppel Corporation in March 2024, following Keppel's initial 50% acquisition in 2019, with Paul Boethel succeeding the founders as CEO while Freshwater continues as Chairman Emeritus.
The company's signature Watermark University is an award-winning intergenerational learning program where residents, associates, family members, and local experts—including museum curators, university professors, and world-renowned doctors—teach dozens of classes ranging from watercolor painting and ballroom dancing to language learning and sculpture workshops. Named among Fortune's Top 25 Best Workplaces for Aging Services™ by the Great Place to Work® Institute, Watermark provides comprehensive training through programs like GO (General Orientation) Ripples, Leadership by Design workshops, and specialized sales systems focused on understanding buyer motivations and customer service excellence.
Watermark's innovative Prema Memory Support℠ program features Naya caregivers—named after the Sanskrit word for "guide" or "person of wisdom"—who are Certified Dementia Practitioners trained through the National Council of Certified Dementia Practitioners. The Thrive Memory Care experience includes secure courtyards, multi-sensory environments with fresh flowers, music therapy, and sensory gardens. Their groundbreaking Thrive Dining (Gourmet Bites) program transforms nutritious meals into attractive, bite-sized portions that residents can enjoy independently without utensils. The Dementia Awareness Experience uses virtual simulations including impairment gloves and vision-loss glasses to help associates develop deeper empathy and understanding.
The company leads the industry in technology innovation with EngageVR, a virtual reality program using Oculus Quest headsets that enables residents to travel virtually to the pyramids of Egypt, swim with whales, or reconnect with veterans from their battalions in virtual living rooms. The 360Well wellness program integrates four key circles—mind, body, spirit, and community—to promote holistic health and independence. Through partnerships with the University of Arizona's Evelyn F. McKnight Brain Institute and Curana Health for value-based care delivery in Florida, Texas, and Pennsylvania, Watermark continues advancing senior care research and innovation.
Following a "shrinking to grow" strategy under new leadership, Watermark focuses on operating premium communities while maintaining its founding philosophy that they are "a wellness company that happens to provide housing and services for seniors," committed to creating experiences where residents truly feel at home with purpose, possibility, and joy.
