BRADENTON and VENICE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities in Bradenton and Venice, both located on the Gulf Coast south of Tampa.
The properties feature a combined 211 units of assisted living and memory care. The Bradenton asset was built in 1989, while Venice asset was constructed in 1998. The Bradenton property totals 74,786 square feet on approximately 7.62 acres of land while the Venice property totals 74,445 square feet on approximately 4.06 acres of land.
The buyer is Florida-based TJM Properties, a regional owner-operator that has now purchased seven properties in Florida in the past 12 months. TJM plans to invest in cosmetic upgrades and improve performance through lease-up and expense efficiencies.
The seller was a private REIT the purchased the properties as part of a larger portfolio. The price was not disclosed.
This was their 6th and 7th asset acquired in the past 12 months. They plan to invest in cosmetically updating the communities and improve overall performance through continued lease-up and expense efficiencies. The Seller was a private REIT that had purchased this asset as part of a larger portfolio.
Bradley Clousing and Daniel Geraghty handled the transaction for SLIB.
“The buyer is excited to expand their presence in Florida,” says Clousing. “This acquisition is a strategic move for their operations in the Florida market.”