NAPLES, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Juniper Village at Naples, a 60-unit memory care community in Naples, located along the Gulf of Mexico in South Florida.
An owner-operator seeking to divest of its only Florida community sold the property to an undisclosed buyer for $5.5 million, or $91,667 per unit. The capitalization rate was listed at 5.6 percent.
The 30,580-square-foot asset was built in 2000, and is spread across five separate cottages with 12 units each. The community recently underwent a renovation project, which depressed occupancy as cottages had to be closed during the project. The occupancy rate was 80 percent at the time of sale, but is expected to rise as the last cottage completes its renovations, according to SLIB.
Bradley Clousing and Jeff Binder handled the transaction for SLIB.