LAKE WORTH, Fla. — JLL Capital Markets has brokered the sale of Mariposa, a 313-unit seniors housing community in Lake Worth, located about 17 miles south of West Palm Beach and 20 miles north of Boca Raton. The real services firm also secured financing for the buyer. The seller and sales price were not disclosed, but the South Florida Business Journal reports that the facility sold for nearly $63.8 million. The seller was Ventas, the Chicago-based healthcare real estate investment trust.
JLL represented the seller, and procured the buyer, Focus Healthcare Partners. Additionally, JLL worked on behalf of Focus to secure the fixed-rate acquisition loan through Freddie Mac. The loan, which has a loan-to-value of 62 percent, will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo lender for seniors housing loans. Arbor Senior Living is taking over operations of the community.
Completed in 2018, Mariposa is a Spanish-style community consisting of a three-story, “H-shaped” independent living and assisted living building as well as a single-story memory care building. The independent and assisted living facility offers residents restaurant-style dining, an outdoor heated swimming pool, a surround sound movie theater, an 80-seat auditorium, a gym, card room, barber and beauty salon, game room and library. Mariposa is currently 95 percent leased and offers units ranging in size from studio to three-bedroom layouts.
The community is spread over 22.5 acres and is close to a variety of retail offerings, golf courses and country clubs and the HCA Florida JFK Hospital. The immediate area surrounding Mariposa is home to more than 167,000 residents age 65 and older.
The investment sales and advisory team at JLL Capital Markets representing the seller was led by senior managing directors Jay Wagner, Rick Swartz and Aaron Rosenzweig, Director Jim Dooley and Executive Managing Director Manny de Zarraga. JLL Managing Director Allison Holland and Associate Alex Sheaffer led the debt advisory efforts on behalf of Focus Healthcare Partners.
“Mariposa is a high-quality senior community with amenities for all levels of care,” says Wagner. “We saw a tremendous amount of investor interest in the property given its appeal as well as its prime location in a heavily seniors-concentrated area of Florida.”