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Affordable HousingDevelopmentFloridaNews

CREI Holdings Breaks Ground on 244-Unit Lil Abner Affordable Apartments in Sweetwater, Florida

by Jeff Shaw

SWEETWATER, Fla. — Consolidated Real Estate Investments Holdings LLC (CREI Holdings) has broken ground on Lil Abner Apartments II, a 244-unit affordable seniors housing community in the Miami-Dade County municipality of Sweetwater. Located on a 5.1-acre site, formerly home to Vann Academy, the project will feature an eight-story, 250,992-square-foot building with 197 parking spaces. Units will range from 588 to 940 square feet. There will be 106 one-bedroom units and 138 two-bedroom units. Forty percent of the apartments will be restricted to seniors earning no more than 60 percent of …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 64-Unit Cottages of Bradenton in Florida

by Jeff Shaw

BRADENTON, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottages of Bradenton, a 64-unit assisted living and memory care community in Bradenton. The seller was a local partnership looking to exit the industry. The buyer was a private partnership in the Northeast looking to expand its Florida portfolio. The price was not disclosed. Bradley Clousing of SLIB negotiated the transaction.

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AcquisitionsAssisted LivingFloridaNews

JLL Brokers Sale of 82-Unit The Preserve at Clearwater in Florida

by Jeff Shaw

CLEARWATER, Fla. — JLL Capital Markets has arranged the sale of The Preserve at Clearwater, an assisted living and memory care property in the coastal Tampa suburb of Clearwater. JLL represented the seller, a joint venture between Solera Senior Living and Elkco Properties. The buyer, an experienced institutional investor, plans to retain Solera as property manager. The price was not disclosed. The Preserve at Clearwater is a 2012-vintage, 82-unit property that sits on an 11-acre parcel. The building is LEED Silver certified and located in close proximity to many of …

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AcquisitionsAssisted LivingFloridaNews

Atlas Senior Living Acquires Community in St. Petersburg, Florida

by Jeff Shaw

ST. PETERSBURG, Fla. — Birmingham, Alabama-based operator Atlas Senior Living has acquired both the real estate and operations of an assisted living and memory care community in St. Petersburg. The community will be the sixth Atlas property in Florida and the first in the St. Petersburg area. Previously named Bloom at St. Petersburg, the community will be rebranded and renamed The Goldton at St. Petersburg. Further details on the transaction were not disclosed.

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Assisted LivingDevelopmentFloridaNews

CIP Group, Linkvest Capital to Build 120-Bed Assisted Living Facility in Dadeland, Florida

by Jeff Shaw

DADELAND, Fla. — Sunset Point ALF, an affiliate of Miami-based real estate development firm CIP Group, and LV Development, an affiliate of Miami-based Linkvest Capital, have formed a joint venture to develop a 40,000-square-foot, 120-bed assisted living facility in an unincorporated area near Dadeland. The partners acquired the vacant site for $3.7 million from the Stupp Family Partnership. The developers are expected to break ground on the project in the first quarter of 2022 CIP Group and Linkvest Capital, through its LV Lending affiliate, are also developing Miami Springs Town …

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Active AdultDevelopmentFinanceFloridaIndependent LivingNews

United Group Receives $48M Construction Financing for The Alloro at University Groves in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — The United Group of Companies has received a $48 million construction loan from Trez Capital, with the funds used to build The Alloro at University Groves. Located in the coastal Tampa suburb of Sarasota, the community will feature 183 units of what the developer calls “independent living lite,” a bridge between active adult and independent living. Units are restricted to those age 55 and older. Units will vary in size between 708 and 2,232 square feet. A 15,210-square-foot clubhouse will serve as the center of the community. …

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FloridaNewsPeople

Watercrest Senior Living Group Hires Alexander Powell as Executive Director of Community in East Lake, Florida

by Jeff Shaw

EAST LAKE, Fla. — Watercrest Senior Living Group has hired Alexander Powell as executive director of Market Street Memory Care Residence East Lake. Located in the Tampa suburb of East Lake, the community is a 64-unit memory care community. Powell has served as a sales director and executive director in The Villages in Central Florida. With an MBA from Saint Leo University, Powell had plans to pursue a legal career. But, as the eldest son of a pastor and nurse, he felt a passion for community service. After caring for …

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DevelopmentFloridaIndependent LivingNews

Joint Venture Unveils Plans for Watersound Fountains Independent Living in Panama City Beach, Florida

by Jeff Shaw

PANAMA CITY BEACH, Fla. — A joint venture between The St. Joe Company, Watermark Retirement Communities and BRW Origins LLC has released plans for Watersound Fountains, a 148-unit independent living community in Panama City Beach. The four-story property will be part of the Watersound Origins development in the waterfront vacation destination located on Florida’s panhandle. The planned community is currently under development adjacent to Watersound Town Center and a future Publix supermarket. Watermark will be the operator. “This extraordinary location will offer our residents easy access to natural coastal beauty, …

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CCRCDevelopmentFinanceFloridaNews

Ziegler Arranges $115.6M Bond Financing for Vicar’s Landing CCRC Expansion in Ponte Vedra Beach, Florida

by Jeff Shaw

PONTE VEDRA BEACH, Fla. — Ziegler has arranged $115.6 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. Vicar’s Landing was developed in 1983. It sits on a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. The larger master-planned Sawgrass community features four adjacent golf clubs, TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing features 227 independent living units, 38 assisted living apartments and 60 …

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AcquisitionsFloridaNews

Alta Senior Living Buys 175-Unit Waterside Landing Community in South Florida, Plans $6.5M Renovation

by Jeff Shaw

MARGATE, Fla. — Alta Senior Living has acquired Waterside Landing, a 175-unit independent and assisted living community in Margate, approximately 40 miles north of Miami. Alta will both own and operate the property. The seller and price were not disclosed. Over the next 12 months, Alta Senior Living plans to invest another $6.5 million in renovation capital to further enhance the community and convert 22 units on the first floor from assisted living to secured memory care. “Waterside Landing is exactly the type of acquisition opportunity we’re seeking right now,” …

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