The team of Allen McMurtry, Paul Carr and David Kliewer of Cushman & Wakefield helped a development collaboration successfully sell its two-year old assisted living/memory care community in the Tampa, Florida area. Gulf Coastal Development and Rookis Development (along with operator Watermark Retirement Communities) have a history of teaming up to develop other senior living communities, in addition to other product types throughout the country.
Developed at an approximate cost of $19 million, or around $200,000 per unit, this project in the high-growth Tampa submarket of Trinity opened in July 2016 and quickly surpassed 95% occupancy. In its three stories, it features 67 assisted living and 30 memory care units. A private equity group is stepping in to buy the community, at a cost of approximately $300,000 per unit. Watermark will stay on as operator.