C&W Closes Sale of FL Senior Housing

by Beata Lorincz

Camellia at Deerwood in Jacksonville

The Carlyle Group has sold Camellia at Deerwood, a 189-unit senior housing community in the Town Center submarket of Jacksonville. Chicago Pacific Founders acquired the property, with Grace Management being in charge of the management. Cushman & Wakefield’s Senior Housing Capital Markets Group facilitated the transaction on behalf of the seller.

Located at 10061 Sweetwater Pkwy., the community was built in 2010 in an underdeveloped area of southeast Jacksonville and included only independent living units. Carlyle Group purchased Camellia at Deerwood in 2011, converting 40 percent of units to assisted living and memory care with Leisure Care serving as a third party manager. The successful conversion resulted in 110 independent living, 63 assisted living and 16 memory care units.

Varied common amenties

Cushman & Wakefield’s team included Executive Managing Director Richard Swartz, Executive Director Jay Wagner and Director Jim Dooley. Wagner and Dooley are also arranging acquisition financing on behalf of the buyer that will be placed on the property post-closing.

Common amenities include:

• arts and crafts activity room
• multipurpose room with theatre
• bistro
• library
• game room
• fitness center
• outdoor heated salt-water swimming pool
• bocce and shuffle board courts

Last July, The Carlyle Group, in a joint partnership with Korman Residential, acquired a 276-unit Philadelphia community from Radnor Property Group, for $118 million.

Image via Google Street View