Watermark Retirement Names New Ceo, Keppel Acquires Operator’s Remaining Ownership Stake

Watermark Retirement Communities founders David Freshwater and David Barnes are passing the leadership baton.

The Tucson, Arizona-based senior living operator on Monday announced it named Paul Boethel as its new CEO. As CEO of Watermark, Boethel will initially focus on “performance-driven growth,” the operator noted.

In conjunction with the leadership change, Keppel on March 19 fully acquired Watermark, making the operator its wholly owned subsidiary. Keppel had previously held a 50% ownership stake in the operator.

Boethel has 19 years of experience in the senior living industry, both the operator and capital side, and most recently worked as chief investment officer at Keppel. He also previously spent time as chief investment officer at Eclipse Senior Living, which closed its doors in 2021.

Prior to that, he was SVP of asset management at HCP, the company that later became Healthpeak (NYSE: DOC); vice president of investments at Fortress Investment Group; and executive vice president of acquisitions at Holiday Retirement, which was eventually acquired by Atria Senior Living.

Watermark currently operates 40 communities in 15 states. The company is in 2025 “focused first and foremost on continuing to provide exceptional care to our residents and associates,” Boethel told Senior Housing News.

“In the near-term, I will be visiting many of our communities aimed at getting feedback from them and incorporating that feedback into overall strategic growth plans,” he said. “We’re also planning to invest more in our organizational infrastructure — putting added support behind our sales and marketing teams, improving our IT systems, and growing our capabilities in data analytics. Today’s operating environment requires near real-time information flow to provide best results to our residents, associates, and capital partners.”

The company also previously noted it anticipates starting construction on two to three new construction projects in 2025.

The acquisition was part of a succession plan by Freshwater and Barnes, enabling them to hand off the daily management of the operator to its next generation of leaders. With the move, Freshwater will continue to serve on the operator’s board of directors as chairman emeritus and provide strategic guidance and leadership, the company noted. Barnes has now retired from his operational role, but he will continue to serve in an advisory capacity and remains “actively engaged” in supporting the operator’s growth.

Aiding Boethel in the C-Suite is COO Jeff Slichta, who joined the company in January, succeeding Karen Mlawsky. Additionally, the company’s current leadership also includes Hanneke Talbot, CFO; Sheila Donahoe, chief administrative officer; Chris Bouchard, general counsel; and Chief Investment Officer Bryan Schachter.

The leadership change comes amid an evolving senior living industry backdrop, according to Watermark.

“Operations have shifted from a focus on brick-and-mortar to a data-centric approach, and business models are transitioning from triple-net leases to RIDEA structures with managed contracts between real estate owners and community operators,” the company noted in its announcement.

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