Senior Living Investment Brokerage closed the sale of Rosecastle of Deerwood, a memory care community in Jacksonville, Florida. Built in 2015, the community was originally designed as stand-alone memory care with 60 units, back when that care type was all the rage to build. But due to slower-than-expected lease-up, the operator decided to convert 20 of the units into assisted living. The operations improved significantly throughout the marketing process.
SLIB’s Brad Clousing and Daniel Geraghty worked with the seller, a seniors housing and healthcare-focused REIT, to procure multiple offers. Ultimately, a Florida-based owner in a 1031 exchange was selected as the buyer, for an undisclosed price.
