Berkadia facilitated the sale of a four-property assisted living and memory care portfolio along Florida’s West Coast. Brooks Minford closed the transaction on behalf of two separate sellers. The buyer of all four properties, a Central Florida-based family office looking to expand its existing footprint, finalized the closings on July 23. The total purchase price was $42.55 million, or $127,400 per unit.
In the first transaction, a Florida-based seniors housing and multifamily developer sold an early 2000s-build community comprising 59 assisted living and 20 memory care units. Occupancy was hovering around 85%, and it was stabilized at the time of the sale. The seller was divesting because the fund life was coming to an end.
In the second transaction, an East Coast-based private equity firm sold three value-add AL/MC communities totaling 255 units. It was also divesting because the fund life was ending. Locust Point Capital provided the acquisition financing.
