NAPLES, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the $81 million sale of The Arlington at Naples.
The 298-unit continuing care retirement community is located on 39 acres in the Lely Resort master-planned community in Naples. It opened in 2015.
The community offers 47 independent living estate homes, 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units.
Prior to the sale, The Arlington was operating under a forbearance agreement. The Grandbridge team, led by Dave Kliewer and Jay Jordan, initiated a marketing process that highlighted the ability for a buyer to restore the financial stability of The Arlington.
Life Care Services (LCS) acquired the asset through a court-directed process to deliver the property free and clear of its bond debt.
At the time of closing, independent living occupancy was approximately 75 percent, while the health center (assisted living, memory care and skilled nursing) was approximately 69 percent occupied. Average entrance fees at the community were in excess of $950,000.