Grandbridge Negotiates $45M Sale Of Seniors Housing Community In Metro Orlando
Built in 2017, the community offers 114 independent living, 73 assisted living and 36 memory care units.
Built in 2017, the community offers 114 independent living, 73 assisted living and 36 memory care units.
The buyer is planning on developing a mixed-use project on the site. This project will consist of a ground floor retail space with multi-family units built directly above.
Managing Directors Brett Moss and Matt Wilcox, Associate Director Tyler Swidler and Senior Managing Director Cole Whitaker of Berkadia Orlando marketed the property on behalf of Catalyst Development Partners and Six Pines Realty.
Norfolk, Virginia-based Cohen Investment Group sold the property to South Florida-based Terra Equity Group.
The property traded above its initial pricing guidance, reinforcing an unyielding investor appetite for Central Florida multifamily.
Both properties were acquired by Eagle Property Capital Investments, LLC.
The three communities delivered a combined total of 338 new affordable apartments reserved for income-qualifying residents in communities where the demand for affordable housing vastly exceeds the supply.
The acquisition totals 1,242 units.
The Land Advisors Organization’s Orlando office team of Mike Ripley and Steve Flanagan, acting as transaction brokers, arranged the sale.
Managing Directors Brett Moss and Matt Wilcox and Associate Director Tyler Swidler of Berkadia Orlando marketed the property on behalf of the seller, Wood Partners, one of the nation’s largest multifamily real estate developers, based in Atlanta, Ga.
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