Blackstone sold the waterfront Mangrove Bay assisted living facility in Jupiter for $41.2 million, a significant loss in value from its purchase price five years ago.

Chicago-based Ventas, a real estate investment trust, bought the 155-unit property at 110 Mangrove Bay Way from a Blackstone affiliate, according to records.

The 190,348-square-foot facility was constructed in 2002 on 6.5 acres, property records show. New York-based Blackstone had paid $71.9 million for the property in 2017.

Mangrove Bay offers independent, assisted and memory care living, according to its website. The largest unit is 1,400 square feet, with rates starting at $4,375 per month.

Source:  The Real Deal