WINTER HAVEN and LAKELAND, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the sale of two communities in Florida.
A national REIT sold the assets to a Florida-based owner-operator growing in the region. The price was not disclosed.
The properties include Spring Haven, a 297-unit independent living, assisted living and memory care community in the Orlando suburb of Winter Haven, and Lake Morton Plaza, a 123-unit independent living and assisted living community in the Tampa suburb of Lakeland.
Dave Kliewer and Jay Jordan led the Grandbridge team in selling the communities. The communities were both older-vintage assets on a non-stabilized basis.
“The strategic sale of these non-core assets allows the REIT to improve their overall portfolio operating metrics and simultaneously reallocate capital to other initiatives,” says Jordan. “The buyer plans significant capital improvements to the properties and will leverage its proven operational experience with these types of value-add acquisitions in this region of Florida.”