The Waters Senior Living

What The Waters Senior Living does

The Waters Senior Living is a privately held, for-profit senior living company headquartered in Minnetonka, Minnesota, that owns, develops, and operates a portfolio of pet-friendly senior living communities concentrated in Minnesota and Wisconsin. Founded in 2013 by Lynn Carlson Schell around a hospitality-first vision — applying hotel and resort principles to senior care — the company operates 12+ communities encompassing more than 1,600 apartment homes, with additional communities in development. Its product surface spans a continuum of care: Independent Living, Assisted Living, the proprietary PETALS Memory Care program, and Enhanced Care for residents with higher-acuity physical needs. The 'Thrive in Place' model is the central design principle: as a resident's needs progress, additional care services are brought to the existing apartment rather than forcing a relocation.

The business model is subscription/recurring: residents pay monthly rent on month-to-month lease terms (with 14-30 days notice to move out), with care services layered onto base rent as acuity increases. Disclosed starting prices for one-bedroom apartments range from $3,080 at Pewaukee (WI) to $3,395 at Mayowood (Rochester, MN), with move-in specials of up to $3,000 at select communities. Go-to-market is direct-to-consumer: each community operates as its own point of sale with Senior Living Consultants handling inbound inquiries, tour scheduling, and move-in coordination; corporate handles overflow via thewaters.com and a 952-358-5100 line. Supporting signature programs — SPLASH! (move-in onboarding), THRIVING Connections (wellness across six dimensions), and REFLECTIONS (team-member engagement) — and amenities (chef-led restaurant, café, spa/salon) reinforce the hospitality positioning.

Ownership is private. A recent partnership with Dial Senior Living placed Dial's long-tenured President & CEO Ted Lowndes as co-owner and CEO of The Waters, integrating the 4,600+ unit Dial platform with the Waters brand. Other senior leaders include COO Heidi Elliott (27 years in long-term care), VP HR Jenny Edwards, Senior Regional Director Carol Armendariz, and Senior Director of Clinical Operations Kayla Kildahl. The company holds no disclosed venture capital or institutional investment and operates no proprietary technology platform; competitive differentiation rests on the PETALS program, branded hospitality, and a 'Developer-Owner-Operator' capital structure.

Name

The Waters Senior Living

Legal name

The Waters Senior Living Management LLC

Website

https://thewaters.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

501–1,000 employees

Short description

The Waters Senior Living is a privately held, hospitality-focused owner-operator of pet-friendly senior living communities in Minnesota and Wisconsin, offering independent living, assisted living, memory care, and enhanced care across 12+ communities and 1,600+ apartment homes.

Ownership category

akta.pro rank

Product category

Senior Living

NAICS

Assisted Living Facilities for the Elderly (623312), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233), Nursing Care Facilities (Skilled Nursing Facilities) (62311)

SIC

Services-Nursing & Personal Care Facilities (8050), Services-Skilled Nursing Care Facilities (8051)

akta.pro primary industry

Luxury/Resort-Style Independent Living Communities (HLADAAAC)

akta.pro secondary industries

Market-Rate Independent Living (Private Pay) Communities (HLADAAAA), Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH)

Keywords

• Senior living communities
• Assisted living services
• Memory care programs
• Independent living apartments
• Residential care facilities

Headquarters

HQ city

Minnetonka

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain, Technology or R&D

Revenue model

1. Monthly Rental Revenue: The Waters generates revenue primarily through monthly rental fees for senior living apartments. Residents pay monthly rent that includes hospitality services, dining, maintenance, and access to amenities. Additional care services (assisted living, memory care, enhanced care) are layered onto base rent as needs arise. The model is subscription/recurring with month-to-month lease terms and 14-30 days notice for move-out.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels9 records

Core offering

The Waters Senior Living owns, operates, and develops pet-friendly senior living communities offering a continuum of residential care across four levels: Independent Living, Assisted Living, PETALS Memory Care, and Enhanced Care. Residents pay monthly rent that bundles hospitality services, chef-prepared dining, housekeeping, maintenance, concierge, transportation, and access to amenities such as a restaurant, café, and spa/salon, with additional care services layered onto rent as needs change. Signature programs (SPLASH! move-in experience, THRIVING Connections, REFLECTIONS, PETALS) and intentional high-end architectural design differentiate the offering from traditional senior living.

Product overview

The Waters Senior Living operates a portfolio of pet-friendly senior living communities across Minnesota and Wisconsin, offering a continuum of care with four main living options: Independent Living, Assisted Living, Enhanced Care, and Memory Care (PETALS). The company distinguishes itself through hospitality-focused service delivery called 'The Waters Way,' which integrates wellbeing with hospitality across all operations. Core products include various levels of residential care supplemented by signature programs (SPLASH! move-in experience, THRIVING Connections active living, REFLECTIONS team member program, and PETALS memory care) and amenities (The Waters Restaurant fine dining, The Waters Café casual dining, and The Waters Spa & Salon). The company currently operates 12 communities with over 1,600 apartment homes.

Differentiator

Problem solved

Functional benefit

Products and services

• Independent Living Senior apartment living with hospitality services including restaurant dining, housekeeping, maintenance, and access to healthcare services as needed. Allows residents to live independently while eliminating household chores.
• Assisted Living Additional support services for seniors who need help with activities of daily living such as bathing, dressing, medication management, and other personal care while maintaining maximum independence.
• PETALS Memory Care Program Signature memory care program designed to honor and celebrate loved ones' life stories so residents can 'bloom where they are' in their dementia journey. Provides secure, dignified memory care neighborhoods with evidence-based programming.
• Enhanced Care Higher level of physical assistance with daily living activities for residents who need more than assisted living support, including enhanced bathing, dressing, grooming, and 24/7 licensed nursing availability.
• The Waters Restaurant Full-service restaurant featuring beautifully set tables, attentive service, and fresh, chef-prepared cuisine with daily specials. Menu options are tailored for each community by in-house executive chefs.
• The Waters Café Casual coffeehouse-style dining venue offering informal settings for coffee, lunch with family, infused water, fruit smoothies, and light meals in a relaxed atmosphere.
• The Waters Spa & Salon On-site pampering services including professional hair care, barber services, manicures, pedicures, massage therapy, and wellness support such as reflexology and aromatherapy, delivered by licensed professionals.
• SPLASH! Resident Move-In Experience Signature onboarding program providing a smooth, personalized, warm welcome into community life, ensuring residents feel warmly welcomed, meet new friends, and receive timely family communication updates.
• THRIVING Connections Active life program that goes beyond activities by integrating hospitality with wellbeing across six dimensions: Health, Relationships, Security, Purpose, Community, and Environment. Residents and team members shape their community while nurturing social connections.
• REFLECTIONS Signature Program Team member recognition and development program ensuring every team member is a direct reflection of The Waters, attracting and investing in high-quality, caring staff who feel inspired to thrive.

Named customers23 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Brookdale Senior Living: Largest U.S. senior living operator with a national portfolio of independent living, assisted living, memory care, and skilled nursing communities. Comparable to The Waters on core services and customer segments, but operates at materially larger scale with broader geographic diversification.
• Sunrise Senior Living: National senior living operator with a strong focus on assisted living and memory care across the U.S., Canada, and U.K. Comparable service continuum to The Waters, particularly in higher-acuity care, with broader geographic reach.
• LCS (Life Care Services): Large third-party manager of senior living communities (including CCRC and rental models) across the U.S. Comparable to The Waters on continuum-of-care offerings; broader geographic footprint and a different ownership/management model.
• Atria Senior Living: National senior living operator offering independent living, assisted living, and memory care across 200+ communities in the U.S. and Canada. Comparable service mix to The Waters; competes on hospitality-style service delivery and premium positioning.

Direct peers

• Belmont Village Senior Living: Privately held senior living operator offering independent living, assisted living, and memory care in major U.S. metros. Comparable to The Waters on hospitality-driven design and higher-acuity memory care programs; similar premium positioning.
• Aegis Living: West Coast-focused senior living operator providing assisted living and memory care with an emphasis on hospitality-style service and clinical programs. Comparable in service mix and hospitality differentiation to The Waters; The Waters' COO previously served as Aegis VP of Operations.
• Presbyterian Homes & Services: Minnesota-based nonprofit senior living operator offering independent living, assisted living, memory care, and skilled nursing across multiple states. Highly comparable to The Waters in geography, continuum-of-care model, and upper-Midwest market positioning; The Waters' Senior Sales & Marketing Director previously worked there.
• Senior Lifestyle: Privately held senior living operator with independent living, assisted living, memory care, and skilled nursing communities across the U.S. Comparable scale, service continuum, and operator profile to The Waters.
• Primrose Retirement Community: Mid-size U.S. senior living operator offering independent living, assisted living, and memory care across multiple Midwestern and Western states. Comparable in scale, continuum-of-care model, and regional operator positioning; a prior employer of The Waters' Senior Regional Director of Operations.
• Ebenezer Society: Minneapolis-based senior living provider offering independent living, assisted living, and memory care in Minnesota. Comparable to The Waters in regional footprint, service mix, and upper-Midwest demographic focus; a former employer of The Waters' senior sales leadership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xfacebook.com/TheWatersSeniorLiving
• Facebookfacebook.com/TheWatersSeniorLiving
• LinkedInlinkedin.com/company/the-waters-senior-living-llc
• Instagraminstagram.com/thewatersseniorliving

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Waters Senior Living