Clairmont Crest Inc. has announced the sale of its 55+ active adult community in Decatur, Georgia. Clairmont Crest Senior Living Community comprises 213 units and sits on four acres in the greater Atlanta area. The acquisition was funded by a $30.5 million first-priority mortgage loan from Miami-based real estate lender BridgeInvest. The loan will go towards both the acquisition of the property and its renovation into a class-A luxury midrise. The buyer of the community is 58-Twelve, which announced plans to spend $20,000 per unit, or $4.26 million in renovations. Rent for the community is also expected to increase by 45% once all the renovations are complete.
Clairmont Crest Senior Living Community was built in 1986 and was last purchased in 2006, when it was acquired by the nonprofit Clairmont Crest Inc. for a purchase price of $15.6 million, or $73,200 per unit, according to public records.
