Originally part of a larger 16-property portfolio that was being marketed for sale, a 60-unit assisted living community in central Florida sold to a real estate investor buyer. Amy Sitzman, Giancarlo Riso and Kyle Hallion of Blueprint handled the transaction.
Built around 25 years ago, the asset was positioned as an appealing value-add opportunity that also boasted a history of strong performance. Occupancy was about 50% at the time of marketing. Its Orlando MSA location is within a densely populated, attractive seniors market in central Florida. Marketing the single asset as opposed to the whole portfolio also grew the potential buyer pool that could afford (and finance) such a deal. The property received a total of six LOIs that met and exceeded pricing expectations.
In the end, a national real estate investment platform specializing in 1031 exchanges acquired the community and partnered with a regional, Florida-based operator to manage the asset going forward. The purchase price was not disclosed.
