Grandbridge Real Estate Capital’s seniors housing investment sales team announced it has sold three assisted living/memory care communities in the state of Florida. The three communities included Bradenton Oaks in Bradenton, Renaissance Retirement Center in Sanford and Bayside Terrace in Pinellas Park.
Built in 1973 and 1988, Bradenton Oaks comprises 112 units just south of Tampa Bay. Built in 1894, Renaissance Retirement Center comprises 94 units just north of Orlando. Built in 1986, Bayside Terrace comprises 145 units north of St. Petersburg. All of the communities were operating at low occupancies and operational losses.
A national REIT was the seller, after deeming the properties to be non-core, and there were three separate buyers: a Florida-based national investor and two owner/operators. Dave Kliewer and Jay Jordan of Grandbidge handled the value-add transactions.
