A publicly traded REIT picked up a brand-new senior living community in Tampa, Florida, and we mean brand-new. Opened just this summer, the community was developed by Lindell Investments Inc. and Solutions Advisors, whose affiliate Solvere Living was also the operator. Featuring 64 assisted living and 38 memory care units, its total development cost was estimated to be $27.5 million, or around $270,000 per unit. The census, although still in fill-up, is 100% private pay. Amenities include a bistro and bar, a fitness center, and a salon and spa.
The REIT buyer paid $28.75 million, or $281,900 per unit, for the community and will bring in a regional operator to manage it. The first task, clearly, will be to complete the lease-up. Evans Senior Investments handled the transaction.