Tampa Senior Community Fetches $29M
- Jun 20, 2018
A joint venture of Gulf Coastal Development, Rookis Development and Watermark Retirement Communities has sold The Watermark at Trinity, a 97-unit assisted living and memory care community in the Trinity submarket of Tampa. According to public records, Kayne Anderson Capital Advisors purchased the 84,217-square-foot, Class A property. The asset traded for $29.1 million or $300,000 per unit.
The asset is located at 1960 Blue Fox Way, a half-hour drive northwest of downtown Tampa. The site is six miles away from Route 589, while the Fox Hollow Golf Club and Restaurant is roughly one mile away. Watermark at Trinity features 67 assisted living and 30 memory care units. Built in 2016, the three-story community has an average occupancy rate of more than 95 percent and offers studio, one- and two-bedroom floorplans.
Executive Director Allen McMurtry, Senior Director Paul Carr and Senior Director David Kliewer, all based in Cushman & Wakefield’s Tampa office, were part of the team that represented the seller.
“The existing operator, Watermark Retirement Communities, will remain in place with the new owner, which was one of several key drivers of value during a highly competitive marketing process,” said Carr, in a prepared statement.
This is not the first time Cushman & Wakefield brokers the sale of a Watermark Retirement Communities facility. In December, the company mediated the sale of Fremont Hills, a 97-unit assisted living and memory care community in Silicon Valley.
Image via Google Maps