Berkshire Pays $23M for Tampa-Area Senior Community

The new owner secured a long-term Fannie Mae loan with a variable interest rate for the acquisition.
The Preserve at Clearwater. Image courtesy of JLL Capital Markets

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.

High-end amenities

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.