Luxury age-restricted community trades in Southwestern Florida

MIAMI, March 23, 2022 – JLL Capital Markets announced today that it has closed the sale and arranged financing for Diamond Oaks Village, a 160-unit, luxury, age-restricted (55+) senior living community in Bonita Springs, Florida.

JLL represented the seller, The United Group of Companies, Inc (“United Group”), in the sale to Castle Lanterra Properties. In addition, JLL worked on behalf of the buyer to secure the three-year, floating-rate loan with Square Mile Capital Management.

Completed in 2017, the property was developed by the United Group. The gated community includes a covered parking garage, fitness center, outdoor pool/spa, dog park, putting green and bistro, bar and pub. Diamond Oaks Village offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies.

Located with easy access to Highway 41 and Interstate 75, Diamond Oaks Village is central to a wide variety of medical care facilities, including North Naples Hospital, NCH Bonita Emergency Room and Lee Health’s Coconut Point hospital complex. Additionally, residents of the community are proximate to multiple shopping and dining centers, as well as 25 golf courses within 10 miles of the property.

The community benefits from the limited market supply in the immediate area, as the nearest 55+ apartment community is approximately 10 miles away. Additionally, 42% of the population within a five-mile radius of the property are over the age of 65, nearly 2.5 times greater than the national level and representing nearly 36,000 seniors.

“Diamond Oaks Village is a best-in-class age-restricted seniors housing community that we developed in Bonita Springs,” said United Group President and CEO Michael Uccellini. “There is nothing else like it in that market and it will continue to provide quality housing for the seniors of Bonita Springs. As a result of the broad efforts by JLL, we found a buyer in Castle Lanterra that is committed to providing exceptional seniors housing and lifestyle programming for the residents. Diamond Oaks is a very special seniors housing community with lots of vibrancy, great residents and great staff.”

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Cody Tremper and Mike Garbers.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Allison Holland.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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