LAKE ALFRED, Fla. — Senior Living Investment Brokerage has arranged the sale of Southern Gardens, a 67-unit assisted living community in Lake Alfred, approximately midway between Tampa and Orlando.
The community was originally built in 1925, with renovations in 1985 and 2006. The price of $5.3 million equates to a price per unit of $79,104 and capitalization rate of 9.2 percent. The 35,000-square-foot community was 97 percent occupied at the time of sale.
The seller was seeking to consolidate its operations to its core Tampa market. The buyer is a Canadian ownership group that teamed up with a local operator.
Bradley Clousing of Senior Living Investment Brokerage handled the transaction on behalf of the seller.