GULF BREEZE, Fla. — Coldwell Banker Commercial has arranged the sale of Watermark of Gulf Breeze, an assisted living facility in Gulf Breeze, located across Pensacola Bay from Pensacola. The property sold for $8.2 million. The buyer and seller were not disclosed. Michael Mangrum, commercial state director for Coldwell Banker Commercial NRT in Florida, brought the property to market with Coldwell Banker Commercial NRT’s accelerated marketing team led by David Lowry and Roman Tsimberg. The property received 6,353 potential buyers, 138 confidentiality agreements and 16 fully approved bidders.
ROCKLEDGE, Fla. — Resort Lifestyle Communities (RLC) has opened Shell Harbor Retirement Community, a 180,000-square-foot seniors housing property in Rockledge, located along the Atlantic Coast east of Orlando. Development costs were estimated at $30 million. The number of units was not disclosed, but they will be available in studio, one-, two- and three-bedroom floor plans. Shell Harbor Retirement Community is the fifth RLC location in Florida.
MELBOURNE, Fla. — Adëlon Capital has broken ground on its first senior living property, Parasol Melbourne in Melbourne. Cimbra Partners is the principal co-investor on the project. United Plus Property Management will operate the community, which Certified General Contractors will build. The four-story luxury community will feature 159 one- and two-bedroom units ranging from 742 to 1,067 square feet.
PALM BEACH GARDENS, Fla. — United Group of Companies, along with ownership partners Sina Cos. and Mayan Properties, has opened Arcadia Gardens, an active adult community in Palm Beach Gardens. Development costs were estimated at $53 million. Mayan Properties is an affiliate of Miami-based Aztec Group. Arcadia Gardens features 220 one- and two-bedroom apartments, plus a 15,210-square-foot clubhouse, for adults ages 55 and older. Floor plans range in size from 726 to 2,322 square feet with monthly rents beginning at $2,575.
POINCIANA, Fla. — Dominium has started construction of Osprey Village, a 383-unit affordable seniors housing community in the Orlando suburb of Poinciana. Once completed, Osprey Village will provide 383 units of affordable seniors housing. Qualifying residents must be age 62 or older and earn no more than 60 percent of the area median income. Dominium acquired the land in July 2021 and financed the construction using 4 percent Low Income Housing Tax Credits and tax-exempt bonds. Included in Osprey Village will be single-story cottages and an apartment building. The unit …
PENSACOLA, Fla. — Berkadia has negotiated the sale of Homestead Village Retirement Community, a 176-unit, 180-licensed-bed community in Pensacola. Tim Cobb and Brooks Minford of Berkadia Seniors Housing & Healthcare completed the transaction on behalf of the seller, an Alabama-based nonprofit. The buyer was New Jersey-based Twin Light Capital. “The seller owned the asset for many years and decided it was time to refocus their efforts on operations within the state of Alabama,” says Minford. Built in 1993, Homestead Village Retirement Community offers independent living, assisted living and memory care. …
SARASOTA, Fla. — The United Group of Cos. has started vertical construction on The Alloro at University Groves, an active adult community in Sarasota. The community will feature 183 one- and two-bedroom apartments, including seven two-bedroom penthouse suites in two residential buildings above covered parking. Units will range from 708 square feet to 2,228 square feet. The property will also boast a 15,210 square foot clubhouse. Development costs are estimated at $64.5 million. Project partners include Current Builders and Trez Capital. Adam Horowitz of Cooper Horowitz LLC out of New …
LAKE WORTH, Fla., and TULSA, Okla. — Ziegler has arranged a total of $37.8 million in bridge financing for Columbia Pacific Advisors (CPA), a Seattle-based investment firm. The two loans will refinance existing debt on two of the borrower’s seniors housing properties, The Landing at Lake Worth in Lake Worth and The Linden at Stonehaven Square in Tulsa. Each community offers assisted living and memory care services and consists of 134 total units. CPA developed and opened the Lake Worth Community in late 2018 and opened the Tulsa community in …
FORT LAUDERDALE, Fla. — Tennessee-based Wickshire Senior Living has opened a new location in Fort Lauderdale, approximately 30 miles north of downtown Miami. The 293-unit community is centrally located to retail, restaurants, major highways and the Fort Lauderdale Executive Airport. The type of care was not disclosed. Wickshire partners with local schools, preschool to college, to engage residents, associates, families and the greater community with lifelong learning opportunities, mentoring and intergenerational activities.
PACE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Canopy on Berryhill, a seniors housing community in the Pensacola suburb of Pace. The community offers assisted living and memory care and consists of 64 units and 80 beds. The property opened in late December 2019. The first resident move-ins occurred in late December 2019 and early January 2020. Despite the challenges of COVID-19, the property achieved 95 percent occupancy in less than a year. A partnership led by Florida-based developer Rimrock Cos. sold the asset. The buyer …