Quadrum Global, a billion-dollar-plus real estate investor and developer, has sold its trophy seniors housing property in Fort Myers, Florida, with Continuum Advisors representing them in the deal. Amavida opened in December 2018 with 28 independent living cottages, 223 IL apartments, 101 assisted living units and 35 memory care units. The 570,000-square foot Class-A rental campus also boasts many resort-style amenities including three swimming pools, multiple indoor and outdoor dining venues and a 9,000+ square foot clubhouse with fitness centers, tennis, pickleball, basketball and a putting green. In addition, the offering included eight acres of fully entitled land ready for a Phase II expansion of approximately 130 IL units.
There was a competitive sale process with multiple rounds of bidding before a national investor with an extensive development background emerged as the buyer, in partnership with a national operator that will manage the community. The purchase price was not disclosed, but we imagine the trophy property commanded a high per-unit price. The property was built for an estimated $95 million, or nearly $250,000 per unit. Last year, First Citizens Bank’s Healthcare Finance group, part of the CIT division, provided $30 million to refinance the community, but the loan-to-value was not disclosed.
