Grandbridge Real Estate Capital’s Senior Housing Investment Sales team is pleased to announce the sale of two Senior Housing communities located in Florida on behalf of a national REIT. The communities were sold in June 2023 to a Florida-based owner/operator with a growing portfolio in the region. The properties include Spring Haven, a 297-unit Independent Living, Assisted Living and Memory Care community located in Winter Haven, FL and Lake Morton Plaza, a 123-unit Independent and Assisted Living community located in downtown Lakeland, FL.
Dave Kliewer and Jay Jordan led the Grandbridge team in selling the communities. The communities were both older-vintage assets on a non-stabilized basis.
“The strategic sale of these non-core assets allows the REIT to improve their overall portfolio operating metrics and simultaneously reallocate capital to other initiatives. The buyer plans significant capital improvements to the properties and will leverage their proven operational experience with these types of value-add acquisitions in this region of Florida,” stated Jordan.
About Grandbridge Senior Housing Investment Sales
Led by Dave Kliewer and Jay Jordan, the team exclusively represents sellers of senior housing communities across the country. Over the past 30+ years the team has represented a broad spectrum of sellers including for-profit and non-profit organizations across all senior housing product types with over 200 communities sold across 35 states. The team has closed over 50 senior housing communities sold in Florida alone. Moreover, the team remains particularly active in the CCRC/LifePlan space having closed on over 30 CCRC sales, of which roughly half have been within the past 5 years.
About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a wholly-owned subsidiary of Truist Bank, arranges permanent commercial and multifamily real estate loans; services loan portfolios; provides investment sales and brokerage within select asset classes, including senior housing; and provides asset and portfolio management through its broad investor base that includes insurance companies, CMBSinvestors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform. The company is a Freddie Mac Optigo® Conventional Multifamily, Seniors Housing and Targeted Affordable Housing lender, a Fannie Mae DUS® lender, and an approved FHA MAP and LEAN healthcare lender.
