Birchwood Health Care Properties just added the 21st property to its seniors housing portfolio, but with one catch: the community is vacant. Located in Dade City, Florida (about 30 miles inland between Tampa and Orlando), the target was originally built as a hotel and converted to include 230 units of seniors housing. As recently as early 2015, it served over 200 residents but ran into clinical and operational challenges under its previous management. So in comes Birchwood, which along with operator Priority Life Care will invest $750,000 in renovations. Plus, pre-marketing and construction planning was initiated well before this transaction’s closing in early January in anticipation of a spring 2017 re-opening. Birchwood and Priority also own and operate a community about 30 miles away, which should help with operational efficiencies. For more information on this deal, be sure to read this month’s issue of The SeniorCare Investor.
Vacancy in Dade City
