Continuum Advisors ended the first quarter with a five-property portfolio deal closed in their home state of Florida. The communities total 340 units (74 assisted living and 266 memory care) and are located across central and northern Florida. They include Superior Residences of Clermont, a 114-unit AL/MC community in the Orlando MSA, Superior Residences of Cala Hills, a 60-unit MC community in Ocala, Superior Residences of Brandon, a 46-unit MC community just east of Tampa, Superior Residences of Lecanto, a 60-unit MC community along Florida’s northwest central coast, and Superior Residences of Niceville, a 90-unit MC community on the Florida panhandle. They are roughly 20 years old and could use some capex. Occupancy and profitability could also be improved, and there is an opportunity to convert MC units to assisted living.
The portfolio was originally acquired in 2018 by a Texas-based not-for-profit, which later defaulted on its debt obligations. Derek Pierce of Healthcare Management Partners (HMP) was appointed by the court as receiver, with responsibilities expanding to include portfolio operations and management of the sale. Under HMP’s oversight, occupancy grew by more than 35%, and the Lecanto community achieved certification from the non-profit Joint Commission in healthcare standards, just the second community in Florida to receive this designation.
The portfolio’s 20-year-old properties are well-positioned for a value-add play as the new owners plan to implement capital improvements, enhance operations and drive occupancy across each community.
Continuum Advisors was exclusively retained by HMP to lead a comprehensive marketing and sales campaign for the portfolio under a court-directed receivership. Through its structured sales process, Continuum provided potential buyers the flexibility to acquire assets as a single portfolio or as individual properties of interest.
In the end, Co-Founders David Kliewer and Jay Jordan secured three separate buyers for the five communities. Due diligence and contract negotiations were conducted concurrently, culminating in all three sales closing simultaneously on March 31, 2025.
