Denton Floyd Real Estate Group, along with operating partner Vitality Senior Services, announced its acquisition of two assisted living/memory care communities in the Nashville, Tennessee area. It was also revealed that Bridge Investment Group was the seller, albeit for an undisclosed price. The PE firm acquired the properties in 2014 and has had several operating partners manage them over the years, most recently Vitality Living (different from Vitality Senior Services).
Located in Mt. Juliet and Franklin, the communities combine for 115 units of assisted living and memory care. Both were built around 2010 and experienced a COVID-related decline in operations. However, occupancy and cash flow had rebounded by the time of the sale, but with still a little improvement in store for Denton Floyd and Vitality. Brooks Blackmon, Kyle Hallion and Ben Firestone of Blueprint Healthcare Real Estate Advisors represented Bridge Investment Group in the deal.
More focused on the multifamily space, Denton Floyd has recently jumped into the seniors housing market, acquiring a 119-unit AL/MC community in Jeffersontown, Kentucky in November 2022 and a 92-unit AL/MC community in Bowling Green, Kentucky. The developer is also building a 131-unit AL/MC community in Indianapolis, Indiana, which is set to open next summer. Vitality Senior Services will operate all of the communities.
