SUNRISE, Fla. — Fairstead has acquired Federation Sunrise Apartments, a 123-unit Section 8 housing development for the elderly in Sunrise, just west of Fort Lauderdale. The company paid $29.5 million for the property and has planned a multimillion dollar rehabilitation of the entire complex. The seller was not disclosed. The acquisition was financed through the issuance of federal Low-Income Housing Tax Credits and tax-exempt bonds from the Housing Finance Authority of Broward County, Florida.
Florida
CORAL GABLES, Fla. — Belmont Village Senior Living and Baptist Health South Florida have unveiled plans for Belmont Village Coral Gables, a mixed-use seniors housing community in Coral Gables, just southwest of downtown Miami. The Coral Gables City Commission approved the project unanimously, and groundbreaking is scheduled for this fall. The 10-story community will offer 232 units of independent living, assisted living and memory care, along with 18,388 square feet of ground-floor retail and commercial space. “As strategic and capital partners with Baptist Health South Florida, our joint venture was …
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of six seniors housing communities in three states. The seller, Invesque, was seeking an exit from its joint venture portfolio of Royal Senior Care properties. One community in Florida was sold to a third-party buyer, while a Georgia community was sold to Royal Senior Care. The remaining four communities, all located in South Carolina, went to an existing portfolio partner of Royal Senior Care with a strong presence in the state. The prices and specific …
WINTER PARK, Fla. — Watercrest Senior Living Group and Titan Development Real Estate Fund I have opened the doors on Watercrest Winter Park Assisted Living and Memory Care. The 107-unit, resort-style senior living community is located in Winter Park, a northern suburb of Orlando. Watercrest Winter Park features 75 assisted living and 32 memory care apartments. This is the second senior living development partnership between Watercrest and Titan Development. Their first project, Watercrest Columbia Assisted Living and Memory Care, opened last fall in Columbia, South Carolina. Titan Development Real Estate …
FLORIDA — Berkadia’s Seniors Housing & Healthcare Group has provided $5.1 million in financing for a 165-bed skilled nursing facility in Florida. The facility was constructed in 2010 and offers a mix of skilled nursing and assisted living. “HUD financing enabled our client to take advantage of this value-add opportunity and expand the property,” said Ed Williams, senior director with Berkadia. Williams arranged the HUD 241(a) supplemental loan for an Indiana-based borrower. The loan proceeds, representing 90 percent of project cost, will be used for construction of a new skilled …
TAMPA, Fla. — Private equity firm Twin Light Capital has acquired Hudson Manor Assisted Living, located in the Davis Islands neighborhood of Tampa. Hudson Manor is the only senior living property in Davis Islands, and one of two properties in the island community listed on the National Register of Historic Places. The seller and price were not disclosed. Miami architect Martin Hampton originally designed the property in 1926 as the Palmerin Hotel. The property was converted into seniors housing in 2004 and extensively renovated from 2016 to 2018. “Hudson Manor …
AVENTURA, Fla. — Rieber Developments has broken ground on 12|12 Aventura, a 10-story mixed-use project featuring medical office, luxury senior residences and a food hall. The property is situated in Aventura, approximately 20 miles north of Miami. Arquitectonica designed the development, which will include a 30,000-square-foot gourmet marketplace and food hall, 25,000 square feet of office space and a 160-unit senior living component with a structured parking garage. The roof will feature gardens and micro-parks. Along with its sister project Ivory 214, the development will serve as the epicenter of …
Watercrest Hires Collin Baranick as Executive Director of Community in Sarasota, Florida
by Jeff Shaw
SARASOTA, Fla. — Watercrest Senior Living Group has hired Collin Baranick as executive director of Watercrest Sarasota Senior Living Community in Sarasota, a 198-unit community scheduled to open this summer. Baranick entered the senior living industry in 2010 as care manager on the nursing floor of a large senior living provider. He later transitioned to a wellness director role, where he improved community culture, staff training and quality assurance. Baranick most recently served as executive director, opening two senior living communities from ground up in South Carolina and Florida. When …
Cushman & Wakefield Arranges $22.2M Sale of The Pointe at Ocean Boulevard in Stuart, Florida
by Jeff Shaw
STUART, Fla. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Pointe at Ocean Boulevard, a seniors housing community in Stuart, approximately 100 miles north of Miami. Sentio Investments sold the asset to an affiliate of Waypoint Real Estate Investments for $22.2 million. Arrow Senior Living will continue to operate the community The Pointe at Ocean Boulevard features 150 units of independent living near the city’s waterfront and downtown areas. The property was built in 1986 and recently renovated. The Cushman & Wakefield team involved …
PALM COAST, Fla. — Atlantic Housing Partners has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. …