BROOKSVILLE, LAKE PLACID and SPRING HILL, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the sale of three communities in Florida on behalf of a national REIT.
Florida-based TJM Properties Inc, a regional owner-operator, acquired two of the properties. The Grande is a 144-unit independent living, assisted living and memory care community in Brooksville, and Balmoral is a 125-unit assisted living and memory care community in Lake Placid.
An undisclosed, Florida-based buyer purchased the remaining property: Forest Oaks, an 80-unit assisted living and memory care community in Spring Hill.
This sale completes the disposition of a portfolio totaling eight properties that Grandbridge arranged for the seller.
Dave Kliewer and Jay Jordan led the Grandbridge team in selling the communities, which were older-vintage assets operating on a non-stabilized basis.
“These three communities mark the conclusion of our broader, eight property portfolio engagement for the REIT,” says Jordan. “Our sale efforts focused on strategic groupings to maximize value for our client. The successful sale of all eight non-core assets allows the REIT to improve its overall portfolio operating metrics and reallocate capital.”