TALLAHASSEE, Fla. — Lowe Enterprises Investors (LEI), in joint venture with a foreign investment client, has acquired St. Augustine Plantation, a 100-unit assisted living and memory care community in Tallahassee. The seller was Capital Health Group LLC.
Although a purchase price was not disclosed, Berkadia’s Senior Housing and Healthcare Group arranged $23.8 million in financing for LEI in connection with the transaction.
St. Augustine Plantation includes 75 assisted living units built in 1998, as well as a 25-unit memory care building that was added in 2012. The community was 97 percent leased at the time of sale.
The new owners plan to improve common areas, add 24 more memory care beds, and build a wellness center for recreation and rehabilitation, which Florida State University will manage.
The acquisition is part of LEI’s continued push into the Southeast. Other recent acquisitions by Los Angeles-based investment firm include a Hampton Inn in Jacksonville, an apartment community in North Carolina and a portfolio of three Hilton Garden Inns in Georgia.
John Gaghan led the LEI investment team in the transaction. Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and Mike McKee, arranged the financing.