Florida Senior Housing Community Changes Hands
- Oct 14, 2016
A joint venture between Lowe Enterprises Investors and a foreign investment client has acquired St. Augustine Plantation, a 100-unit senior housing community in Tallahassee, Fla., from Capital Health Group, LLC.
As a condition of the deal, CHG will maintain a minority ownership in the 115-bed community, which was 97 percent occupied at the time of the sale.
“St. Augustine Plantation offers LEI the ability to invest in a strong, stable Class A property and improve it through expansion and renovation,” Brad Howe, LEI’s co-CEO, said. “We also have the benefit of partnering with CHG, an experienced and respected senior housing property operator.”
Located at 2507 Old St. Augustine Road, St. Augustine Plantation was developed in two phases, the 75-unit assisted living building in 1998, and the 25-unit memory care building in 2012.
Amenities include a central dining room, a beauty parlor and barber shop, activity centers for fitness, creative, social and spiritual programs, a craft/exercise center, chapel, and library.
The joint venture plans to improve common areas, expand the property by 24 memory care beds and add a wellness center for recreation and rehabilitation that will be managed by Florida State University.
St. Augustine Plantation is located about three miles southeast of downtown Tallahassee, offering easy access to health care providers, with five hospitals in a five mile radius, as well as shopping and entertainment with a major shopping mall just over a mile from the property.
LEI has been active on the acquisition front in the Southeast of late, acquiring a Hampton Inn in Jacksonville, Fla., an apartment community in Greensboro, N.C., and a portfolio of three Hilton Garden Inns in Georgia.
John Gaghan led the LEI investment team, while Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and Mike McKee, arranged financing for the transaction.