The Newmark Knight Frank team of Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders handled the sale of an assisted living community in southwest Florida. Featuring 108 assisted living and 39 memory care units, the community was built in 1994 in downtown Sarasota. More than 20 years ago, the property sold to Merrill Gardens for nearly $13 million, or $75,000 per unit. But back then, it featured 170 independent living and assisted living units. So, we assume a number of units have been combined to make larger ones, in addition to converting some to memory care.
Although it is situated in the heart of Sarasota just blocks away from Sarasota Bay and two miles from St. Armands Circle, that location has not helped to fill units, as occupancy stood at just 65%. Seems like a great turnaround opportunity.