Senior Living Investment Brokerage announced the sale of an assisted living community in Dade City, Florida. Built in 1912 as a hotel and converted to seniors housing in 1988, the community was then substantially renovated in 2016 and 2017. Sitting in between Tampa and Orlando, the community comprises 243 total units, including 116 independent living, 66 assisted living and 61 memory care units. The community also participates in the Florida Diversion (Medicaid) program, and just under 50% of the residents participate.
The seller is an established seniors housing operator with a portfolio of over 30 communities. The Dade City asset was sold to a regional operator which partnered with a private equity group focused on the seniors housing space. The community continued strong lease-up momentum post renovation throughout the escrow process. Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction.
