JLL Closes $64 Million Sale of Seniors Housing Portfolio in Southeast Florida

Strategic Insights -

JLL Capital Markets has completed the sale of a five-property seniors housing portfolio in Southeast Florida, with a total value of $64 million. The portfolio, managed by Florida-based Sonata Senior Living, comprises 444 units across five properties in Delray Beach, Boynton Beach, Boca Raton, Coconut Creek, and Vero Beach. The properties were well-maintained by the previous owner, who invested over $13 million in capital expenditures over the past four years. JLL represented the undisclosed seller in the transaction and is also working on behalf of the buyer, an affiliate of Fortress Investment Group LLC, to secure acquisition financing.

Key Takeaways:

  • The $64 million sale of the seniors housing portfolio represents a significant transaction in the Southeast Florida market, with JLL's Capital Markets team playing a crucial role in facilitating the deal.
  • The portfolio, managed by Sonata Senior Living, comprises 444 units across five properties, with each property located in a strategic area of Southeast Florida.
  • The properties underwent over $13 million in capital expenditures over the past four years, including exterior building improvements, furnishing upgrades, and conversions from assisted living to memory care.
  • The sale highlights the growing interest in the seniors housing market, particularly in South Florida, where there is an accelerating trend of migration of seniors to Palm Beach county.
  • JLL's Capital Markets team, led by Managing Directors Mike Garbers and Cody Tremper, represented the seller in the transaction, while Managing Director Allison Holland is leading the financing efforts on behalf of the buyer.
  • The transaction showcases JLL's expertise in the seniors housing market, where the firm has a deep understanding of the local market and global investor knowledge.
  • The sale is a testament to the growing demand for seniors housing in the region, with Sonata Senior Living's continued management of the properties set to meet this demand and capitalize on the strong demographic trends.

Statistics:

  • $64 million: The total value of the sale of the seniors housing portfolio.
  • 444 units: The total number of units across the five properties in the portfolio.
  • 5 properties: The number of properties included in the portfolio, located in Delray Beach, Boynton Beach, Boca Raton, Coconut Creek, and Vero Beach.
  • $13 million: The amount invested in capital expenditures by the previous owner over the past four years.
  • 4 years: The timeframe in which the capital expenditures were made.
  • 3,700: The number of Capital Markets specialists worldwide working for JLL.

Sources:

  • JLL
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  • Jones Lang LaSalle Incorporated (NYSE: JLL)