SHP, Calpers JV Pays $113M for Three Senior Housing Assets

ORLANDO-The California Public Employees’ Retirement System of Sacramento, CA and New York-based SHP Asset Management LLC have acquired three premier Florida independent living retirement communities for $113 million, or an average of $91,795 per unit.

The 95%-leased properties were purchased from original developer Johnson Ezell Corp. of Clearwater, which will continue to manage the communities.

The properties involved are: the 438-unit, 32-acre South Port Square at 23023 Westchester Blvd, Port Charlotte, FL; the 400-unit, 70-acre Lake Port Square at 600 Lake Port Blvd. in Leesburg, FL; and the 393-unit, 34-acre Regency Oaks at 2720 Regency Oaks Blvd., Clearwater, FL. Health care facilities adjacent to the three properties contain a total 469 beds.