American House Senior Living Communities continued its growth in Florida with the acquisition of a 94-unit independent living community, its seventh senior living property in the Sunshine State. There are plenty of things going for this property. It is located in the mixed-use residential/resort community of Bluewater Bay, adjacent to Elgin Airforce Base. So, in addition to enjoying the local amenities, the property also draws some of its census from affluent retired military officers. There is also a large fifth floor bar and lounge, a movie theater, heated pool, full-service concierge and valet parking.

It was developed in 2015 by a partnership between Bluewater Commercial Developers, LLC and Superior Residences and is almost fully occupied (at 93%). American House, an affiliate of real estate investment firm REDICO, paid $24.5 million, or $260,600 per unit. A stabilized 45% operating margin on approximately $3.96 million of revenues results in a cap rate of 7.3%. Brad Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction. This deals brings American House’s Florida portfolio to nine properties, include one opening April 2018.