Berkadia closed the sale of two separate assets in Florida and Georgia. First, Berkadia was engaged by a national owner/operator in the sale of a CCRC in South Florida. The property appears to be Abbey Delray, a 505-unit community originally built in 1979 in Delray Beach that features 327 independent living units, 48 assisted living units, 30 memory care units and 100 skilled nursing beds on 25.66 acres. We understand that occupancy improved throughout the marketing process.
Abbey Delray was previously owned by Lifespace Communities, and the buyer was a regional owner/operator. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled the transaction. This was Berkadia’s 10th transaction to close in Florida over the past 12 months, and it currently has 13 Florida seniors housing communities on the market at various stages throughout the listing process.
Garbers, Tremper, Fasano and Sanders were also engaged by Royal Senior Care, a Florida-based owner/operator, in the divestment of a seniors housing community in Eatonton, Georgia. Built in 2015, Harbor at Harmony Crossing comprises 60 assisted living and memory care units. The community has been consistently well-occupied, with an occupancy of 95% at closing. Inspired Healthcare Capital, a Scottsdale-based private equity firm, was the buyer. Royal Senior Care will remain in place as the operator. The purchase price was not disclosed, but the community sold for a cap rate in the mid-7s.
