Atlas Senior Living and Salta Capital acquired three stabilized seniors housing communities with healthy cash flow in the Orlando, Florida MSA, including Madison at Clermont, Madison at Ocoee and Madison at Oviedo. According to The Business Journals, the seller was Longview Senior Housing, an affiliate of Blackstone Real Estate. We believe these to be former Brookdale Senior Living properties that were previously sold to Longview. Three to four years ago, Longview brought Atlas on as an operator.
Built around the late 1990s and all having received some major capex improvements around 2020/21, the assisted living/memory care communities are in Clermont, Ocoee and Oviedo, Florida. The portfolio’s occupancy rate is currently hovering above 90%, plus over the last few years, after Atlas took over operations, the communities have seen improving operating margins.
Ross Sanders, Mike Garbers, Cody Tremper and Dave Fasano of Berkadia handled the transaction, which saw several other bidders including local owner/operators, institutional groups with operating partners and a family office. Financing was secured from First Bank, which exercised some creativity to get the deal done. Atlas budgeted around $1.5 million to conduct some cosmetic and minor functional updates across the communities. The company intends to remain active in the sector over the next 12 months.
