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Grandbridge Arranges Sale of Three Communities in Florida

BRADENTON, SANFORD and PINELLAS PARK, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the sale of three assisted living and memory care communities in Florida.

A national REIT sold the communities in three separate transactions. The buyers were a national investor based in Florida and two owner-operators with a presence in the region. The prices were not disclosed.

The properties include the 112-unit Bradenton Oaks in Bradenton, the 94-unit Renaissance Retirement Center in Sanford, 145-unit FL Bayside Terrace in Pinellas Park. The Renaissance was built in 1984, Bradenton Oaks was built in 1973 and 1988, and Bayside Terrace was built between 1986 and 1989. The communities were operating at low occupancies and an operational loss.

Dave Kliewer and Jay Jordan led the Grandbridge team.

“The sale of these non-core assets allows the REIT to shed underperforming assets to improve fundamental portfolio operations and simultaneously reallocate capital within their portfolio,” says Jordan. “The buyers plan significant capital improvements to the properties and will leverage their proven operational experience with these types of value-add acquisitions.”

The post Grandbridge Arranges Sale of Three Communities in Florida appeared first on Seniors Housing Business.

Source: Senior Housing Business

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