sonata-delray

JLL Capital Markets closed the $64 million sale of a five-property seniors housing portfolio with properties located throughout Southeast Florida.

JLL represented an undisclosed seller to complete the sale to the buyer, an affiliate of Fortress Investment Group LLC. JLL is also working on the buyer’s behalf to secure the acquisition financing. All properties are managed by Florida-based Sonata Senior Living, who has operated the communities for more than three years and will continue to manage the properties going forward.

Pete Stone, Managing Director at Fortress Investment Group, says, “We are excited about working with Stuart Beebe and the talented management team at Sonata on the Southeast Florida portfolio. 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.”

The portfolio includes five Sonata properties totaling 444 units in Delray Beach (80 units), Boynton Beach (92 units), Boca Raton (74 units), Coconut Creek (94 units) and Vero Beach (104 units).

All properties were well-maintained by the previous owner, undergoing over $13 million in capital expenditures over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.

 

Source:  Yield Pro

 

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