Cushman & Wakefield’s Senior Housing Capital Markets team announced an independent living sale, the first for some time in this sector. Representing an affiliate of Sentio Investments, the team of Richard Swartz, Jay Wagner, Tim Hosmer, Chris Remeika and Jack Griffin sold a 150-unit IL community located in Stuart, Florida. Built in 1986 near both the waterfront and downtown, the community recently received an extensive, multi-million-dollar renovation that included work on resident units and common areas. Arrow Senior Living was the manager and will stay on in that role for the new owner, an affiliate of Waypoint Real Estate Investments.
Waypoint paid $22.2 million, or $148,000 per unit, for the property just a couple of months after buying two other seniors housing communities in Florida. Those previous targets were located in Pensacola and Tampa, selling for a combined $48.85 million, or $270,000 per unit. Already with an active adult community in Montvale, New Jersey, that brings Waypoint’s total seniors housing portfolio to four properties, which we expect will grow even further.
