Grandbridge Sells Florida Luxury Senior Community for $81M

The asset is part of the Lely Resort master-planned development.

The Arlington at Naples. Image courtesy of Grandbridge Real Estate Capital

Grandbridge Real Estate Capital has completed the $81 million sale of The Arlington at Naples, a 298-unit continuing care luxury senior housing community located at 7900 Arlington Circle in Naples, Fla. to Life Care Services. At the time of the sale, the property was being managed under a forbearance agreement, and was traded through a court-directed process that facilitates the buyer’s ability to generate revenue. The deal was closed by the seller’s Senior Housing Investment Sales team.

The Arlington’s offerings

The Arlington at Naples was built on a 39-acre parcel of the Lely Resort master-planned community, which spans 3,000 acres and includes townhomes, condominiums and  private estates. The Arlington at Naples offers 47 two- and three-bedroom single-family estate homes, as well as 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units.

The apartments are offered in one-, two-, and three-bedroom arrangements ranging from 854 to 2,082 square feet and feature master bedrooms and bathrooms, walk-in closets, and kitchens with stainless steel appliances and granite countertops. The townhomes, built in a Spanish revival style, also offer open floor plans, two-car garages and lanais.

Across the community, residents have access to a swimming pool, spa, fitness center, clubhouse, private cinema, cultural center and bar. Situated in the Lely Resort’s northeastern district along Lely Cultural Parkway, the community is seven miles away from downtown Naples and its beachfront, and is in close proximity to many of the area’s country clubs and numerous dining and retail offerings.

Grandbridge’s Housing Sales Investment team was led by Vice Presidents and Co-Leads David Kliewer and Jay Jordan.

Kliewer further contextualized the sale to Multi-Housing News, speaking of the widespread investment interest in the state, as well as its demographic trends. “The senior housing market in Florida faces near-term operational headwinds, however investor interest in the state remains strong given the senior demographic growth trends, in combination with constraints on new supply. The Arlington attracted strong interest from both regional and national buyers who recognized the opportunity to acquire a Class-A campus in a high-growth and affluent region,” Kliewer explained.

Senior housing in The Sunshine State

With 20 percent of the state’s population above the age of 65, Florida retains one of the nation’s largest and most populous senior housing markets due, in part, to its warm climate and moderate costs of living according to data from seniorliving.org. The state is home to more than 850 independent living communities and 2,000 distinct assisted living facilities the same data shows.

Recently, Preservation Equity Fund Advisors’ acquired Crescent Club, a 215-unit affordable community in Orlando. In the same city, Dominium broke ground on Sandpiper Glen, a 288-unit development funded through Low-Income Housing Tax Credits.

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