A Class-A seniors housing community recently sold in Miami, Florida. Built in 2023, The Oasis at Coral Reef is in Miami, Florida, with 102 independent living, 71 assisted living and 28 memory care units with floor plans ranging from studio to two-bedroom residences. Located adjacent to Jackson South Community Hospital, the community features high-end amenities, including a fitness room, a restaurant-style dining room with chef-prepared meals, a beach club, recreational program rooms, weekly housekeeping, multiple pools, among many others. The community opened at various stages throughout 2023, as state licenses were issued. Thus, it was in the early stages of lease-up, with occupancy reaching 60% and cash flow turning positive.
Ross Sanders, David Fasano, Cody Tremper and Mike Garbers of Berkadia represented the seller, Florida-based Royal Senior Care, in the transaction. Winterpast Capital Partners, a real estate private equity and development firm based in Brentwood, Tennessee, emerged as the buyer. Winterpast will bring on its affiliate, Vitality Living, to manage the community. CBRE‘s Aron Will and Adam Mincberg secured a bridge loan from Forbright Bank for the acquisition. The loan has a three-year term with two one-year extension options.
