The departure of GE Capital from a Connecticut office park will enable National Development to expand its senior living portfolio.

The Newton-based firm said it plans to build 95 independent living and 35 assisted-living rental units at 201 High Ridge Road, in a new complex called Waterstone at Stamford. As part of the project, the 16.5-acre property will be subdivided, with National Development acquiring the northern 10-acre portion of the site.

Waterstone is a joint venture with Epoch Senior Living, which has owned and operated more than 40 senior housing complexes with National Development.

The Elkus Manfredi Architects-designed building will include a fitness center, restaurant-style dining room, pool, pub and activity areas.

Charles River Realty Investors is National Development’s financial partner on the project.

GE Capital exited the property in January and transferred employees to Norwalk and New York City. Steven Wise & Assoc. acquired the property in October 2015 for $17 million.

National Development said it plans to break ground in 2019 following completion of local permitting.