Berkshire Residential Investments has acquired The Preserve at Clearwater, an 82-unit senior housing community in Clearwater, Fla., for $23 million, public records show. The seller was a partnership between Solera Senior Living and Elkco Properties.
According to Pinellas County records, Berkshire secured a $15.2 million agency-backed loan with a variable interest rate for the acquisition. CBRE provided the 10-year financing through Fannie Mae.
Solera will continue to operate the property as the property manager. JLL Capital Markets represented the joint venture in the transaction.
The assisted living and memory care community is located at 2010 Greenbriar Blvd. on an 11.4-acre site. Lined with walking paths and landscaped gardens, the property features a pond viewing area with a fire pit. The 2012-built community is LEED Silver certified.
The Preserve at Clearwater’s assisted living component features one- and two-bedroom units, while the memory care has semi-private and private studio apartments. The community includes a private dining lounge, restaurant, bistro lounge, heated pool, fitness studio, library, auditorium, arts and cooking studio as well as a beauty salon and barbershop.
The property is less than 2 miles from the Main Street retail corridor, roughly 5 miles northeast of downtown Clearwater and 23 miles west of downtown Tampa. Clearwater Country Club and the Moccasin Lake Nature Park are within 5 miles of the property.
In June, Wood Partners opened Alta Clearwater, a luxury property less than 6 miles from The Preserve at Clearwater. Due to strong demand coupled with few tracts large enough to be suitable for multifamily development, Central Pinellas County historically has been undersupplied from a housing perspective, according to Charles Barrus, executive managing director at Wood Partners.