IPA Brokers Sale of 65-Unit Parkside in Port Charlotte, Florida

PORT CHARLOTTE, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Parkside Assisted Living and Memory Cottage, a 65-unit, 94-bed seniors housing community in Port Charlotte.

The community was developed by a local neurologist and managed by his family upon his death in early 2017. Opening in October 2017, Parkside Assisted Living and Memory Cottage reached 62 perent occupancy prior to the pandemic. Occupancy decreased through 2020 and reached its low at the end of 2021.

The building has three floors with five neighborhoods to serve its residents. It is located near to area hospitals, medical offices, retail and other downtown Port Charlotte amenities.

The buyer is an affiliate of the McFarlin Group, a Dallas-based developer, owner and operator. McFarlin Group acquired the community leveraging its distressed asset fund, which seeks to create value through purchases well below replacement cost.

“We are excited about our first investment in Florida and look forward to growing our footprint throughout the state and the region,” says McFarlin Group’s Josh Rosen.

Parkside Assisted Living and Memory Cottage will be managed under the Solterra Senior Living brand. Michael Turkiewicz represented the undisclosed seller and McFarlin Group in this transaction. The price was not released.