GREENVILLE, S.C., and NAPLES, ST. PETERSBURG and CLEARWATER, Fla. — Inspirit Senior Living has acquired a portfolio of four seniors housing properties located throughout the west coast of Florida and in South Carolina. Formerly operated by Brookdale Senior Living, the communities have been rebranded as The Collier at Naples in Naples, The Pointe in St. Petersburg, The Landmark in Clearwater and The Parker in Greenville. Inspirit formed a joint venture with Venue Capital LLC, an investment and asset management firm that partners with regional operators, for the acquisition. Inspirit and …
Florida
MIAMI — Lincoln Avenue Capital (LAC) has acquired Brownsville Transit Village I and II, a mid-rise, two-building affordable housing complex in Miami’s Brownsville neighborhood. The first building features 96 units available to any age, while the second features 100 units reserved for independent seniors. The purchase price was not disclosed. Both properties are part of a larger campus of affordable apartment buildings that were built in 2012, encompassing almost 500 affordable housing units plus ground-floor retail. The development is transit-oriented, located near the Metrorail Green Line station, with easy access …
TALLAHASSEE, Fla. — M&T Realty Capital Corp. has closed a $43 million Fannie Mae Near-Stabilization loan to refinance a 128-unit seniors housing property in Tallahassee. The 10-year loan features a fixed rate of 3.63 percent, five years of interest-only payments and a 30-year amortization. The name of the borrower and property were not released. Matthew Pipitone of M&T Realty Capital’s Baltimore office, in collaboration with Jonathan Leister of M&T Bank’s Syracuse, N.Y., office led the transaction.
NAPLES, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management, have acquired Beach House, a 113-unit assisted living and memory care community in Naples. The community is located three miles from Naples’ Fifth Avenue District, close to shopping centers, medical facilities, recreation and entertainment venues. CPF plans to make investments to improve the campus. Grace Management will take over operations. The seller was not disclosed. Although the price was also not disclosed, KeyBank Real Estate Capital provided an $18.1 million bridge loan for the …
WATERSOUND, Fla. — Master developer Minto Communities USA, global lifestyle brand Margaritaville Holdings and The St. Joe Company (NYSE: JOE) have started land development activities for Latitude Margaritaville Watersound. The site for the active adult community is located in Florida’s Panhandle region in Bay County near Panama City Beach. An official groundbreaking is planned for spring 2020. The project will total approximately 3,500 for-sale homes with a sales center, model homes and resort-style amenities for those 55 and older. The sales center and models are projected to open early 2021. …
JACKSONVILLE and STUART, Fla. — CBRE National Senior Housing has brokered the sale of Inspired Living of Jacksonville and Inspired Living of Stuart, both located in Florida. The portfolio offers approximately 300 units and was in initial lease-up at the time of closing. Lisa Widmier of CBRE represented the seller, a privately held owner-developer. The buyer was a large public REIT in partnership with a national, leading management company. The price was not disclosed.
TAMPA, Fla. — Evans Senior Investments (ESI) has arranged the sale of Tessera of Westchase, a 102-unit assisted living and memory care community in Tampa. An investor/developer sold the property to a publicly traded REIT for $28.8 million, or approximately $282,000 per unit. The community opened in summer 2019. The new owner is bringing in a regional operator to manage the property.