Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team arranged the sale of a recently-constructed 223-unit senior living campus in the ChampionsGate submarket of Orlando, Florida. Opened in 2017, the community offers independent living, assisted living and memory care. Grandbridge’s David Kliewer and Jay Jordan facilitated the sale to funds managed by Fortress Investment Group for $45 million, or $201,800 per unit. Fortress will bring in Watermark Retirement Communities to manage the community.
The community was developed through a 142(d) bond issuance and opened in December 2017. However, following challenges in meeting the operating covenants of the bond structure, in July 2021 a court order appointed William King of WK Financial as the property’s receiver. Then, Grandbridge led a broad marketing process and identified Fortress as the buyer.
