Greystone Real Estate Advisors Closes $109.5 Million Sale of Nine-Property Senior Living Portfolio
November 7, 2017
Greystone Real Estate Advisors announced it closed the sale of the Peninsula Portfolio, a nine-property senior living portfolio in the Florida Peninsula. A joint venture led by Griffin-American Healthcare REIT IV, Inc., purchased the portfolio from New Senior Investment Group on November 1 for $109,500,000. Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction.
The nine communities are geographically concentrated—all are located within a three-hour driving radius in Central Florida. The portfolio comprises 1,140 units and consists of 34% independent living, 54% assisted living, and 12% memory care units. The portfolio will provide in-place cash flow, yet offers a variety of value-add opportunities and upside potential for the new buyer. Meridian Senior Living will take over community operations.
The communities in the portfolio include:
· Balmoral Assisted Living, a 120-unit IL/AL/MC community
· Bayside Terrace, a 131-unit IL/AL/MC community
· Bradenton Oaks, a 107-unit AL/MC community
· Forest Oaks of Spring Hill, a 79-unit AL/MC community
· Lake Morton Plaza, a 122-unit IL/AL community
· Renaissance Retirement Center, a 92-unit IL/AL community
· Spring Haven Retirement, a 285-unit IL/AL/MC community
· Spring Oaks, a 58-unit AL/MC community
· The Grande, a 146-unit IL/AL community
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, assisted living, memory care, and skilled nursing facilities.