WINTER GARDEN, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Summit of Winter Garden, a 113-unit senior living community in Winter Garden, a suburb of Orlando. The name change reflects the change in ownership. Grace Management Inc. will take over operations at the community. Additional terms of the deal were not disclosed. The new owner plans to make investments in the campus.
PALATKA, Fla. — Affordable Housing Investment Brokerage Inc. (AHIB) has sold Kay Larkin Apartments, a 60-unit garden-style apartment complex, and Grand Pines Apartments, a 78-unit senior living apartment community. Both properties are located in Palatka, approximately midway between Jacksonville and Orlando. The Grey Rock Group LLC acquired the assets from a private investor for $4.9 million. Kyle Shoemaker and Bill Brading of represented both the buyer and the sellerin the transaction. Kay Larkin and Grand Pines were both developed using LIHTC and SAIL funding and are subject to regulatory agreements …
DELRAY BEACH, Fla. — Lifespace Communities has appointed Brandon Bornstein as executive director of Abbey Delray, a senior living community in Delray Beach. Bornstein began his career in finance and, over time, gained experience as an operations specialist and executive director. He most recently served as executive director of the Somerby Franklin senior living community in Nashville, Tenn. Bornstein received his bachelor’s degree in finance and his MBA in finance from Tennessee Technological University.
CHAMPIONSGATE, Fla. — Grandbridge Real Estate Capital’s Tampa-based seniors housing investment sales team has arranged the sale of a 223-unit senior living campus located in ChampionsGate, approximately 25 miles southwest of downtown Orlando. The Grandbridge sales team led by David Kliewer and Jay Jordan facilitated the sale to funds managed by Fortress Investment Group for $45 million. Fortress has engaged Watermark Retirement Communities to manage the community. Formerly known as Merrill Gardens at ChampionsGate, the new owner has changed the name to The Glades at ChampionsGate. The community features 114 …
CHAMPIONSGATE, Fla. — Watermark Retirement has taken over operations for Merrill Gardens at ChampionsGate, located approximately 25 miles southwest of downtown Orlando. The transition is part of a purchase agreement by Fortress Investment Group, which acquired the community in April. Under the agreement, Watermark will manage all aspects of the community’s operations including care, staffing and programming. The community has been renamed The Glades at ChampionsGate. The community offers 114 independent living, 73 assisted living and 36 memory care units.
WEST PALM BEACH, Fla. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc. Christian Manor includes four three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income residents, which is classified as below 60 percent of area median income (AMI), and “extremely low-income” residents (below 28 percent …
JACKSONVILLE BEACH, Fla. — Owner Longview Senior Housing and operator SRI Management have completed renovations to The Cove at Marsh Landing, a 100-unit assisted living and memory care community in Jacksonville Beach. Originally opened in 1995, the full-scale renovation refreshed all public spaces, activity areas, dining room, offices and memory care section. West End Interiors led the interior design process for the renovation.
BONITA SPRINGS, Fla. — Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, has acquired its first active adult community with the purchase of Diamond Oaks Village in Bonita Springs. The recently constructed Class A property features 160 units reserved for persons age 55 and older. The community is located directly between Naples and Fort Myers, one of the most seniors-rich submarkets in the country, according to CLP. The seller was The United Group of Companies, which developed the community, opening its doors in 2017. The price …
GAINESVILLE, Fla. — Volunteers of America National Services (VOANS) has unveiled plans for a $16.6 million renovation project at Pine Grove Apartments in Gainesville. Utilizing non-competitive Low Income Housing Tax Credits to refinance and rehabilitate the property, the work is slated for completion in summer 2023. Volunteers of America of Florida will continue to provide property management and services for residents. Constructed in 1984 with 97 affordable units for seniors under the HUD Section 202 program, the property will continue to benefit from HUD subsidizing for all units. The tenant-in-place …
INDIAN HARBOUR BEACH, Fla. — Zon Management has broken ground on The Residences at Zon Beachside. The 45-unit independent living community is located in Indian Harbour Beach, which is on a barrier island east of Orlando. The property is scheduled to open in spring 2023. The development is an addition to the existing Zon Beachside Assisted Living & Memory Care campus, creating a continuum of care at the property.
