Fortress Investment Group Sells South Florida Senior Housing Duo
The assets are primed to take advantage of a growing cohort of affluent 75-and-older seniors in each market.
Funds managed by affiliates of Fortress Investment Group have sold Sonata Boca Raton and Sonata Vero Beach, a pair of southeast Florida senior housing communities totaling 178 units. The seller was represented by JLL’s Seniors Housing Capital Markets team.
A buyer and sale prices were not disclosed.
According to reporting from McKnights Senior Living, Fortress bought both properties from Healthpeak in April of 2021, following the latter company’s large-scale divestment from the sector. Agewell Solvere Living will remain the operator at both communities following the trade.
Fortress has also been active on the buy side this year. In April, the firm bought The Village at Gainesville, a 639-unit senior community in Gainesville, Fla. from SantaFe Healthcare.
Affluent base
Sonata Vero Beach spans 104 units and offers independent living, assisted living, memory and respite care arrangements. Amenities include a restaurant, hair salon, wellness center, art studio, library, theater and game room, chauffeured transportation for individual and group outings as well as life enrichment programs. The property bears an address at 2425 20th St. in Vero Beach.
The smaller of the two properties, Sonata Boca Raton has 74 units and offers a mix of assisted living, memory and respite care options. In addition to the above amenities, Sonata Boca Raton also offers secure outdoor patios, gardens and walking trails. The community is located at 9591 Yamato Road in Boca Raton.
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The former property is located near shopping, dining and a variety of recreational opportunities including the Boca West Country Club, Boca Lago Golf Course and Boca Woods Country Club. In addition, the Daggerwing Nature Center and Coconut Cove Waterpark and Community Center are nearby. Sonata Vero Beach is also situated near shopping and dining as well as the Vero Beach Regional Airport. Nearby recreational venues include McKee Botanical Garden, Round Island Beach Park and Jaycee Park.
The Vero Beach and Boca Raton markets are noted for population density and a greater than $3 million average net worth among residents 75 and older. In addition, the Vero Beach and Boca Raton 75-and-up cohort with six-figure incomes is expected to grow in excess of 36 and 40 percent respectively during the course of the next half decade.
