JV Acquires Orlando-Area Senior Living Property
Sold on the senior housing sector’s solid fundamentals, PGIM Real Estate and Grand Living have acquired a continuing care community.
A joint venture of PGIM Real Estate and Grand Living has acquired a 351-unit senior living facility in the Orlando-area submarket of Lake Mary, Fla.
Oakmonte Village at Lake Mary is situated at 1001 Royal Gardens Circle, about 19 miles north of Orlando. Among the lifestyle options available at the community are independent and assisted living as well as memory care alternatives.
At the time of sale the 23-building community was almost 90 percent occupied. Amenities include a heated outdoor pool with private cabanas, movie theater, fitness center, lounge and private concierge services.
Following the acquisition, Oakmonte Village will be rebranded as Grand Living Park at Lake Mary. The purchase was made through PGIM Real Estate’s core-plus commingled investment strategy in the U.S.
Berkadia Seniors Housing & Healthcare provided mortgage banking advisory on behalf of PGIM Real Estate and Grand Living. It also represented the seller in the transaction.
A prime location
Oakmonte Village is well-located to serve its population of older adults. It features direct access by means of Interstate 4 to the Greater Orlando-area and Daytona Beach.
The Orlando Health Emergency Room and Medical Pavilion are situated less than five miles away. In addition, an array of golf courses and country clubs are proximate to the property. The Cornerstone at Lake Mary, Colonial Town Park and Park Place at Heathrow shopping centers are all located a short drive away.
Nearby parks and recreation attractions include Sylvan Lake Park, Central Florida Zoological Park, Big Tree Park, Planetarium at Seminole State College and Spring Hammock Preserve.
Orlando’s multifamily market, despite facing some economic challenges, retains its strong fundamentals. Advertised asking rents increased 0.3 percent on a trailing three-month basis to $1,789 in July. However, occupancy rates year-over-year in stabilized properties have decreased by 80 basis points.
Recently, Subtext and Nuveen Real Estate acquired more than 3-acres in Orlando for the construction of a 200-unit student housing project. Located nearby the University of Central Florida, the project is already underway with construction anticipated to complete in 2026.