Florida continues to be a popular state for acquisitions, especially in the cold winter months. Krone Weidler of Marcus & Millichap’s National Seniors Housing Group recently sold a two-property portfolio. The first one was a 90-unit assisted living community in Venice which sold for $6.1 million, or about $67,800 per unit. The community was originally built in 1926 and then renovated in 1995. Occupancy stands at 92% and it is located in the historic section of Venice. It has a total of 40,440 square feet, and sold for $150.84 per square foot.
The second property was a 100-unit assisted living community in New Port Richey which sold for $4.3 million, or $43,000 per unit. The 41,164-square foot property was built in 1967 on six acres and has an occupancy rate just over 94%. The same buyer purchased both the Venice and New Port Richey properties.