Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty handled the sale of a 64-unit assisted living and memory care community in Pace, Florida.
The community opened in December 2019 and immediately faced the challenges of Covid-19. Nonetheless, the property achieved stabilized occupancy in less than a year. The seller was a partnership led by a Florida-based developer, Rimrock Companies. Arcadia Communities bought the property in an effort to expand their presence in the Southeast and enter the Florida market. They have seven existing communities in Michigan, Kentucky and Tennessee.
