The team at Newmark Knight Frank closed a two-property deal in Florida for a total price of $48.85 million, or $270,000 per unit. The portfolio includes Summer Vista in Pensacola, which was built in 2016 and has 89 assisted living and memory care units with an envious occupancy rate close to 99%.
The second property, The Crossings at River View, is located in Tampa. It opened in mid-2015 with 92 assisted living and memory care units and had occupancy below 85%. It was last sold in 2018 for about $24 million. Superior Residences had been the manager for the two communities. We have heard from other buyers that total revenues for the two communities were just over $8.5 million, and that the cap rate was most likely below 6.0%.
The seller was CNL Healthcare Properties, an Orlando, Florida-based private REIT. The Buyer was Florida-based Waypoint Residential, which also has three regional offices. Waypoint is a large private real estate investor in multifamily and purpose-built student housing. It has recently entered the seniors housing space, with this acquisition and with a 170-unit active adult development in Montvale, New Jersey.
Ryan Maconachy, Chad Lavender, Dave Fasano and Ross Sanders of Newmark represented the seller, and Newmark’s Sarah Anderson placed just under $16 million of debt with Synovus Bank to finance the Tampa transaction.