Greystone Arranges $110M for Senior Portfolio Sale

New Senior Investment Group sold 1,140-units comprising nine communities in the Florida Peninsula. Meridian Senior Living will manage the properties.

The Grande, 2717 W Kennedy Blvd. in Tampa, Fla.
The Grande, 2717 W Kennedy Blvd. in Tampa, Fla.

A joint venture led by Griffin-American Healthcare REIT IV Inc. has purchased a $109.5 million portfolio. Sold by New Senior Investment Group, the portfolio comprises nine senior living communities. Greystone Real Estate Advisors’ Cody Tremper and Mike Garbers represented the seller in the transaction.

The portfolio comprises 1,140 units and consists of 34 percent independent living (IL), 54 percent assisted living (AL) and 12 percent memory care (MC) units. Meridian Senior Living will be managing the properties.

Located in the Florida Peninsula, the portfolio properties include:

  • Balmoral Assisted Living, a 120-unit IL/AL/MC community
  • Bayside Terrace, a 131-unit IL/AL/MC community
  • Bradenton Oaks, a 107-unit AL/MC community
  • Forest Oaks of Spring Hill, a 79-unit AL/MC community
  • Lake Morton Plaza, a 122-unit IL/AL community
  • Renaissance Retirement Center, a 92-unit IL/AL community
  • Spring Haven Retirement, a 285-unit IL/AL/MC community
  • Spring Oaks, a 58-unit AL/MC community
  • The Grande, a 146-unit IL/AL community

Earlier this year, Greyston also brokered a $33 million sale of two senior housing communities in the Carolinas.

Photo via Google Street View