Washington State-based Morningdew, LLC is looking to expand its presence in Florida, and just added a third property to its portfolio in the Sunshine State. Built in 1998 in Summerfield (just north of The Villages), the assisted living community has 46 beds in 42 units. Under its ownership by the not-for-profit Marion County Hospice, the community did not boast a strong operating margin.
Ken and Damien Carriero of Colliers International were hired to facilitate the off-market transaction. Interestingly, an individual had the property under contract with the seller, but through a clause stating that he could assign the contract, decided to sell. So, Morningdew purchased the contract for $4.035 million, or $96,100 per unit.
