Virtus, Blaze Capital Buy Central Florida Senior Housing
This is Blaze's fourth such acquisition in the past six months.
A joint venture between Virtus Real Estate Capital and Blaze Capital Partners has acquired The Pointe at Siena Ridge, a 163-unit senior community in Davenport, Fla., in the Orlando area. Residences are reserved for active adults aged 55 and over. The seller was Eastwind Development, according to Yardi Matrix data.
Completed in 2021, the community comprises one- and two-bedroom floorplans ranging from 753 to 1,046 square feet. Apartments feature stainless-steel appliances, in-unit washers and dryers, granite countertops, ceiling fans and private patios or balconies. Common-area amenities include a fitness center, swimming pool, clubhouse, dog park, pet washing station and hair salon, as well as a movie theater.
Located at 7035 Broad Way, the asset is close to Interstate 4 and Highway 27, and is situated roughly 30 miles from downtown Orlando. In its immediate vicinity there are numerous retail, dining and entertainment options, as well as the Deer Creek RV Golf & Country Club.
Blaze Co-founder & Managing Partner Eddie O’Brien stated in prepared remarks that senior housing assets in the Sun Belt see high demand as the Baby Boomer generation is reaching retirement age, noting that this represents the firm’s fourth such acquisition in the past six months. In November, the company acquired an age-restricted SFR community in Atlanta. Matt Withey, managing director at Virtus, added that demographic dynamics and region growth make The Pointe at Siena Ridge an ideal cycle-resilient investment.