Watermark Retirement Communities

Where the Human Spirit Leads Senior Living

Watermark Retirement Communities is a senior living operator based in Tucson, Arizona, managing independent living, assisted living, memory care, active adult, and respite communities in 13 states. The company was founded in 1985 and rebranded as Watermark in 2006, building its operating philosophy around wellness rather than a traditional housing model. Watermark describes itself as “a wellness company that happens to provide housing and services for seniors,” a framing that shapes its programming, dining, and memory care approach across the portfolio.

Watermark is a wholly owned subsidiary of Singapore-based Keppel Corporation, which first took a 50 percent ownership stake in 2020 and acquired full ownership in April 2025. That same month, Watermark named Paul Boethel as Chief Executive Officer, succeeding company founders David Freshwater and David Barnes. Under Boethel, Watermark has spent the past year and a half deliberately right-sizing its portfolio and tightening operations before returning to external growth.

Visit the official Watermark website, or explore individual Watermark communities on Senior Care Finder’s Watermark Retirement Communities directory.

Company at a Glance

• Headquarters: Tucson, Arizona
• Founded: 1985 as The Fountains; rebranded Watermark in 2006. More than three decades of senior living operating experience.
• Ownership: Wholly owned subsidiary of Keppel Corporation (Singapore) since April 2025
• Current leadership: Paul Boethel, Chief Executive Officer (since April 2025)
• Portfolio size: Approximately 22 communities across 13 states, as of August 2026
• States served: Arizona, California, Delaware, Florida, Maryland, Massachusetts, Missouri, New Mexico, New York, Oregon, Pennsylvania, Texas, and Washington
• Care and lifestyle options: Active adult living, independent living, assisted living, memory care, and respite or short-term stays
• Official website: watermarkcommunities.com

Senior Living and Care Options

Watermark communities offer a range of lifestyle and care options, including active adult living, independent living, assisted living, memory care, and respite or short-term stays. Several Watermark communities are built as multi-care campuses that pair an independent living building with an adjoining assisted living and memory care building, allowing residents to move between levels of care without leaving the neighborhood they know.

Not every Watermark community offers every service. Some locations focus on active adult or independent living only, while others are built specifically around assisted living and memory care. Families should confirm the specific care types, licensing, and availability for any community they are considering.

What Makes Watermark Retirement Communities Different?

A Wellness Philosophy Built Into Daily Life

Watermark positions itself as a wellness company first, organizing programming around physical, intellectual, emotional, and spiritual well-being rather than a standard activities calendar. This shows up in company-wide initiatives like 360Well, which coordinates wellness planning for residents across levels of care.

A Purpose-Built Memory Care Model

Memory care at Watermark communities runs on the company’s Prema Memory Support model, which trains dedicated “Naya” caregivers in the Positive Approach to Care method. The approach focuses on preserving dignity and identity for residents living with dementia rather than managing behavior alone, and is paired with adapted dining service for residents who need it.

A Leaner, More Disciplined Portfolio Under New Ownership

Watermark has intentionally reduced its portfolio in recent years as part of a strategy company leadership has publicly described as “shrinking to grow.” Under CEO Paul Boethel, the company centralized lead response through a call center model, set a target of responding to inbound family inquiries within 15 minutes, and rebuilt financial planning and asset management functions before turning back to new development and acquisitions. Company leadership has said 2026 marks a return to external growth.

Signature Programming Across the Portfolio

Watermark communities draw on a set of company-wide signature programs, including Watermark University, a resident-and-associate-led curriculum of classes, and EngageVR, a virtual reality program used for wellness and engagement. Availability of specific programs varies by community.

Coordinated Healthcare Partnerships

Watermark has worked with value-based care provider Curana Health to place onsite medical clinics at select communities in Florida, Texas, and Pennsylvania, giving residents access to preventive care, lab work, and chronic condition management without leaving their community. This kind of clinical partnership is not universal across the portfolio and should be confirmed for any specific community.

Signature Programs and Services

Prema Memory Support is a memory care model built around specially trained “Naya” caregivers using the Positive Approach to Care method, intended to support dignity and reduce distress for residents living with Alzheimer’s disease or other forms of dementia. Offered at communities with a dedicated memory care neighborhood.

Watermark University is an ongoing curriculum of classes taught by residents, associates, and outside experts, covering topics from arts and culture to technology and history. Availability and specific course offerings vary by community.

360Well is a wellness coordination framework used to plan and track programming across physical fitness, nutrition, and social and emotional well-being for residents. Implementation and specific offerings vary by location.

Dining for the Soul is Watermark’s company-wide dining philosophy, emphasizing chef-prepared, restaurant-style meals and flexible dining schedules rather than fixed institutional meal service. Menus and dining format vary by community.

Life at a Watermark Retirement Communities Community

Life at a Watermark community may include restaurant-style dining with chef-prepared meals, housekeeping and linen service, scheduled transportation for errands and appointments, and a calendar of fitness, wellness, and social programming through Watermark University. Many communities offer amenities such as fitness centers, pools, salons, and outdoor spaces designed for walking and gathering.

Because Watermark operates communities ranging from active adult buildings to full-service assisted living and memory care campuses, the specific amenities, staffing ratios, and level of hands-on support will vary significantly by location. Families evaluating a Watermark community should look beyond the general amenity list and ask about staffing levels, care plan flexibility, and how the community handles a resident’s changing needs over time.

What Residents and Families Say

Public feedback for Watermark communities on Senior Care Finder skews positive, with individual community ratings generally in the 4.4 to 4.9 range as of August 2026. Recurring themes in family feedback include staff warmth and attentiveness during care transitions, food quality, cleanliness, and a sense of genuine community among residents. Families frequently mention the relief of finding a community that feels less institutional than they expected.

Watermark does not have a single portfolio-wide review score on Senior Care Finder; ratings are tracked at the individual community level. Experience varies by community, leadership team, staffing, and time period, so families should review recent, location-specific feedback for any community they are seriously considering rather than relying on brand-level sentiment.

Leadership

Paul Boethel, Chief Executive Officer. Boethel became CEO of Watermark in April 2025 after serving as Chief Investment Officer for Keppel’s healthcare platform, where he oversaw Keppel’s investment in Watermark. His background spans both the investment and operating sides of senior housing, including prior roles at Eclipse Senior Living, HCP (now Healthpeak), Fortress Investment Group, and Holiday Retirement. Since taking over, Boethel has focused on operational discipline and portfolio right-sizing ahead of a planned return to growth. Read his official biography.

For the complete and most current executive team, visit Watermark’s official leadership directory.

Recent News, Growth, and Recognition

Watermark Names New CEO as Keppel Acquires Full Ownership Stake

Senior Housing News reported that Watermark named Paul Boethel as CEO in April 2025 as Keppel Corporation completed its acquisition of full ownership of the company, with founders David Freshwater and David Barnes stepping back from day-to-day leadership.

Read the Senior Housing News article

With a Leaner Portfolio, Watermark Executes on Its “Shrinking to Grow” Strategy

An August 2025 Senior Housing News report detailed how Watermark used data-driven sales and marketing changes, including a centralized call center and faster lead response targets, to stabilize performance after a period of portfolio contraction.

Read the Senior Housing News article

The Watermark at Marco Island Opens Its Doors

In April 2025, Watermark opened The Watermark at Marco Island, the first assisted living and memory care community on Marco Island, Florida, welcoming its first residents that spring according to local news coverage.

Read the Patch article

Watermark CEO Discusses Pivot from “Shrink” to “Grow” for 2026

In a December 2025 interview with Senior Housing News, CEO Paul Boethel said Watermark was preparing to shift from portfolio stabilization back toward external growth and new development opportunities in 2026.

Read the Senior Housing News interview

Changemakers 2026: Paul Boethel, CEO, Watermark Retirement Communities

Senior Housing News featured Boethel in its 2026 Changemakers series, in which he discussed standardization, technology and data, and the market forces reshaping senior living operations.

Read the Senior Housing News feature

Frequently Asked Questions

What is Watermark Retirement Communities? Watermark Retirement Communities is a Tucson, Arizona-based senior living operator that manages independent living, assisted living, memory care, active adult, and respite communities across 13 states.

Where is Watermark Retirement Communities headquartered? Watermark is headquartered in Tucson, Arizona.

Who owns Watermark Retirement Communities? Watermark is a wholly owned subsidiary of Singapore-based Keppel Corporation, which took full ownership in April 2025 after first acquiring a 50 percent stake in 2020.

How many communities does Watermark operate? Watermark operates approximately 22 communities across 13 states as of August 2026. Some Senior Care Finder listings reflect a single physical campus split into separate independent living and assisted living or memory care listings.

Where are Watermark communities located? Watermark communities are located in Arizona, California, Delaware, Florida, Maryland, Massachusetts, Missouri, New Mexico, New York, Oregon, Pennsylvania, Texas, and Washington.

What care options does Watermark offer? Depending on the community, Watermark offers active adult living, independent living, assisted living, memory care, and respite or short-term stays. Not every community offers every care type.

Does Watermark offer memory care? Yes, at select communities with a dedicated memory care neighborhood, using Watermark’s Prema Memory Support model.

Does every Watermark community provide the same services? No. Services, amenities, and care levels vary by community, and families should confirm specific offerings directly with the community they are considering.

What do reviews say about Watermark communities? Individual Watermark communities on Senior Care Finder generally show strong ratings, commonly in the 4.4 to 4.9 range, with families citing staff attentiveness, dining quality, and community atmosphere. Ratings are tracked per community rather than as a single company-wide score.

How much do Watermark communities cost? Pricing varies by community, location, apartment size, and level of care. Families should request current pricing directly from the specific community they are considering.

How can families find a Watermark community? Families can compare Watermark communities by state and care type through Senior Care Finder’s Watermark directory, or search Watermark’s own community locator.

How can someone schedule a tour? Families can request more information or schedule a tour through the individual community’s Senior Care Finder listing or lead form.

Explore Watermark Retirement Communities

Every Watermark community has its own leadership team, care offerings, pricing, and resident experience. Compare individual Watermark communities near you, including current availability, care types, and recent reviews.

Services, pricing, ratings, amenities, and leadership can vary from one Watermark community to the next, so it’s worth reviewing the specific community you’re considering before making a decision.

Watermark Retirement Communities is a paid Senior Care Finder partner. Partner status does not replace the need for families to independently evaluate individual communities, services, pricing, licensing information, and recent reviews.

Company information, leadership details, programs, recognition, and news were reviewed using publicly available sources. Information last reviewed August 2026.