Florida Senior Housing Portfolio Trades for $64M
An affiliate of Fortress Investment Group LLC has acquired the five-property, 444-unit portfolio, which recently underwent various capital improvements.
ORLANDO, FL – An affiliate of Fortress Investment Group LLC has purchased a five-property senior housing portfolio in Southeast Florida for $64 million.
The buyer purchased the portfolio from an undisclosed seller.
The acquired portfolio totals 444 units. The properties include 80 units in Delray Beach, 92 units in Boynton Beach, 74 units in Boca Raton, 94 units in Coconut Creek and 104 units in Vero Beach.
The assets have undergone $13 million in capital expenditures throughout the past four years, implemented by the previous owner. The property updates included exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.
Each of the properties are currently managed by Florida-based, Sonata Senior Living, which will continue to manage the properties going forward.
“We are excited about working with Stuart Beebe and the talented management team at Sonata on the Southeast Florida portfolio,” states Pete Stone, managing director of Fortress Investment Group. “We believe the portfolio is well-positioned to benefit from the strong demographic trends in South Florida particularly from the accelerating trend of migration of seniors to Palm Beach county.”
A JLL team, led by managing directors, Mike Garbers and Cody Tremper, represented the seller in the transaction. JLL is additionally working on behalf of the buyer to secure the acquisition financing. The financing is being led by JLL’s managing director, Allison Holland.