DELRAY BEACH, BOYNTON BEACH, BOCA RATON, COCONUT CREEK and VERO BEACH, Fla. — JLL Capital Markets has arranged the $64 million sale of a five-property seniors housing portfolio with properties located throughout Southeast Florida.
JLL represented an undisclosed seller to complete the sale to an affiliate of Fortress Investment Group LLC. JLL is also working on the buyer’s behalf to secure the acquisition financing.
Florida-based Sonata Senior Living has operated the communities for more than three years and will continue to manage the properties going forward.
The portfolio includes five Sonata properties totaling 444 units in Delray Beach (80 units), Boynton Beach (92 units), Boca Raton (74 units), Coconut Creek (94 units) and Vero Beach (104 units).
“We believe the portfolio is well positioned to benefit from the strong demographic trends in South Florida particularly from the accelerating trend of migration of seniors to Palm Beach county,” says Pete Stone, managing director at Fortress Investment Group.
The properties underwent over $13 million in capital expenditures over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care, and new generators to comply with Florida regulations.
The JLL Capital Markets team representing the seller was led by Mike Garbers and Cody Tremper. Allison Holland led the financing transaction.