Ashford Court Sold in Jacksonville Beach

JACKSONVILLE, FL-The 92-unit, 95%-occupied Ashford Court at Marsh Landing here is under new ownership today. Zeroing in on a strong senior housing investment market, Royal Senior Care of North Miami Beach paid Fru-Con Development Corp. of Ballwin, MO $7.3 million, or about $79,620 per unit, for the four-year-old assisted living and Alzheimer-dementia facility at 1700 The Greens Way.

The Senior Housing Services Group of CB Richard Ellis Inc. handled the transaction. “Investor demand for Ashford Court was quite strong, due to solid demographics and the quality of the location and construction,” says Bruce Gibson, vice president of CBRE’s senior housing division. “The Jacksonville Beach market continues to see strong investment sale activity.”

Gibson represented the seller and also found the buyer for the 3.5-acre property. Although occupancy at closing was 95%, the property was between 65% to 75% occupied “for much of the last two years.”