Kayne Anderson Real Estate Advisors (KAREA) reportedly paid $300 million for The Towers Hotel, a landmark 16-story tower in the Brooklyn Heights neighborhood of Brooklyn. The private equity fund manager plans to renovate the 295 apartments at 21 Clark St. to become The Watermark, a new seniors housing property.

“Increased demand for urban senior living options, coupled with shifting demographic trends, makes The Watermark at Brooklyn Heights an attractive seniors housing investment opportunity,” said Al Rabil, managing partner and CEO for KAREA.

The Towers Hotels had been operated by the Jehovah’s Witnesses, the seller of the property. It was built in the late 1920s, as the Grand Leverich Towers Hotel.

The new Watermark seniors community will include over 75,000 square feet of amenity space, including a 20,000-square-foot rooftop terrace. KAREA will partner with Watermark Retirement Communities, which operates more than 50 seniors communities across the country.

For comments, questions or concerns, please contact Bendix Anderson

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