Fort Lauderdale, Florida-based Gold Standard of Care has announced the acquisition of an assisted living community in Bradenton, just south of Tampa Bay. Previously owned by a national REIT and managed by a national operator, the community comprises 135 beds in 112 units, which consist of both assisted living and memory care units. Gold Standard paid $7.25 million, or $64,700 per unit, for the community. The seller provided financing to help get the deal done. There was no cap rate on the deal, as the community was losing about $1 million a year on $2.675 million of revenues. Occupancy was in the low- to mid-80s on a mostly Medicaid census at the time of the deal, after bottoming out in the mid-50s earlier in 2022.
The community consists of a single-story building built in 1973 and a five-story tower built in 1988. Gold Standard of Care plans to spend around $750,000 to make some cosmetic upgrades to the community and add a “town hall” interior design typical of other Gold Standard communities. Revenues were trending up, so the company can hopefully hit the ground running on increasing occupancy and cash flow. Founded in 2008, Gold Standard of Care is a Florida based family office focused on senior housing real estate. This acquisition expands upon its six other seniors housing assets throughout the state of Florida.
Gold Standard of Care Buys Florida Assisted Living Community
