Ken and Damien Carriero of Colliers International wrapped up their 2018 campaign with a couple of closings in central Florida. They found the same buyer for both acquisitions, the not-for-profit Family Extended Care which owns five other communities in the state. The first deal involved two assisted living communities previously owned by Americare Communities Florida, LLC. Located in Sebring and Spring Hills and operated under the CrownPointe brand, both communities were built in 1999. The 66-unit community in Sebring was 76% occupied and operated at a 23% margin on over $2.0 million of revenues, while the 40-unit Spring Hills community was just 65% occupied and operated at a 25% margin on $1.64 million of revenues. Family Extended Care paid $12 million, or $113,200 per unit, with a 7.3% cap rate.

That company also bought a 57-unit memory care community in Tampa. Built in 1967 but renovated in 2005, the community brought in strong cash flow and operated at a 35% margin on over $2.78 million of revenues. Occupancy was 89% based on the 100 licensed beds, with a high percentage of Medicaid residents. Liberty Assisted Living, which owns other communities in Florida, sold the community for $8.5 million, or $149,100 per unit, with a 11.4% cap rate.