Grandbridge Real Estate Capital has arranged the sale of The Cabana at Jensen Dunes, a 126-unit assisted living and memory care community in Jensen Beach, Florida to Florida-based not-for-profit Convival Life. Opened in August 2016, the beachside community had 85% occupancy at the time of sale. Convival also purchased an adjacent 11.35-acre development parcel entitled for more than 210 independent living units. The combined purchase price was $32.5 million.
The seller, One HC–Jensen Beach LLC, is an investment group who utilized the 142d bond program, along with EB5 financing, to develop the project. Performance through the COVID-19 pandemic was steady, and the community saw some occupancy gains in the first half of 2021 that pushed it into the mid-80s, where it currently hovers. The buyer will likely start the process of developing the IL units soon.
