After opening its first senior living community earlier this year, V 3 Capital Group, a boutique real estate investment firm based in Florida is more than doubling down on the market, acquiring a portfolio of seven small memory care communities from a family owner/operator who was looking to retire. The company will also use the purchase to launch its Sanctuary by Strive memory care brand through its operating subsidiary, Strive Senior Living. Frank Ricci of Healthcare Realty & Development Services, LLC represented the seller, Sutton Homes, while Bobby Bridges of V 3’s own full-service commercial real estate firm, V 3 Commercial Advisors, represented the buyer.
When we say these communities are “small,” we mean it, as they consist of five beds each in a home-like setting, although V 3 will look to increase that to six units in each. Scattered throughout central Florida, they had been opened over the years by Sutton Homes since the company’s founding in 1994. No purchase price was disclosed.
Earlier this year, V 3 Capital Group also acquired a 15-bed standalone memory care community, so it is acquainted with small properties. But the first senior living community the real estate investment firm has owned is a larger 125-unit assisted living/memory care community in Fern Park, Florida, which it opened in February 2020.
Three years ago, work began on the property to convert it from six office buildings that were previously part of a technical college. Those six buildings were converted to assisted living, while a separate memory care building was built on an adjacent two-acre vacant parcel. After work was completed, the community obtained its license on February 14, and the first residents from a substantial reservation list started moving in the next week. Strive Senior Living manages the community in partnership with KR Management, a Clearwater-based operator.
