Grandbridge Real Estate Capital’s Senior Housing Investment Sales team sold two seniors housing communities in Florida on behalf of a national REIT. Totaling 420 units of independent living, assisted living and memory care, the communities include Spring Haven (297 units) in Winter Haven and Lake Morton Plaza (123 units) in Lakeland. Both older-vintage assets are located between Tampa and Orlando. They were deemed to be non-core by the REIT owner, which was able to improve its overall portfolio operating metrics and simultaneously reallocate capital to other initiatives.
A Florida-based owner/operator with a growing portfolio in the region was the eventual buyer, purchasing the communities on a non-stabilized basis. They are planning significant capital improvements to the properties. Dave Kliewer and Jay Jordan led the Grandbridge team in the transaction.
