Newmark recently announced a closing on Mangrove Bay in Jupiter, Florida, and while we’ve heard of some high per-unit prices over the last year, this purchase is rumored to set a new state record for per-unit price. Blackstone divested the Class-A community to an undisclosed buyer. The Mangrove opened in the early 2000s and has 160 assisted living, independent living, and memory care units in six stories. The community is reportedly in high demand among potential residents and was doing very well at the time of sale, with occupancy near 100%.
We hope to disclose the purchase price soon, but we know that according to public records, the property originally sold for $49.5 million to Health Care REIT (now Welltower) back in 2012, or around $312,000 per unit. Then, Blackstone reportedly paid $71.9 million, or $450,000 per unit, for the property in 2017 as part of a larger portfolio acquisition. The previous record-high per-unit price in the state, according to our statistics, was the 2016 sale of Horizon Bay at Hyde Park in Tampa for $544,000 per unit. So, we could be seeing a price above $600,000 per unit.
