A private institutional group sold three seniors housing communities in Florida to RAM Properties, a boutique private equity firm backed by a family office. RAM paid $70.85 million, or $158,000 per unit, for the portfolio and brought in its Florida-based operating partner Concordis Senior Living to take over management.
The properties included 253 independent/assisted living units (all licensed for assisted living) and 193 memory care units, averaging more than 20 years in age but with multiple renovations over the years. When the portfolio went under LOI, occupancy was in the 80s, but that improved throughout the process into the 90s at closing. In addition, previous resident rent discounts had burned off in the months leading up to the sale, causing revenues and margin to improve significantly. That has been a consistent benefit for many operators in 2022. Newmark handled the transaction.
