JLL Brokers $64M Sale of Seniors Housing Portfolio in South Florida
ORLANDO, FLA. — JLL Capital Markets has brokered the $64 million sale of a five-property seniors housing portfolio in South Florida.
Mike Garbers and Cody Tremper of JLL represented the undisclosed seller in the portfolio sale. Allison Holland of JLL also arranged acquisition financing for the buyer, an affiliate of Fortress Investment Group LLC.
Florida-based Sonata Senior Living, which has operated the communities for more than three years, is being retained to manage the properties going forward. The seniors housing portfolio includes five Sonata properties totaling 444 units. The locations of the properties include Delray Beach, Boynton Beach, Boca Raton, Coconut Creek and Vero Beach.
The previous owner spent over $13 million in capital investments over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.