Seniors housing portfolio in sought-after Southwest Florida sold
JLL Capital Markets executed the sale of the two properties in the Project Gulf Coast portfolio
ORLANDO, Mar. 23, 2021 – JLL Capital Markets announced today that it closed the $26.8 million sale of a senior living portfolio consisting of two multi-housing properties totaling 243 units and located in Southwest Florida.
JLL worked on behalf of the seller, Prime Care One, LLC, to complete the sale to the buyer, Pointe Group Care, LLC.
The portfolio includes HarborChase of Naples and HarborChase of Venice, which total 277 beds of assisted living, memory care and skilled nursing services. Since 2015, the previous owner invested in excess of $3.5 million to update generators, cooling towers, roofs, renovate parts of the properties and more.
HarborChase of Naples is located at 7801 Airport-Pulling Rd. and totals 78,859 square feet. The property consists of 117 units – 93 assisted living and 24 skilled nursing (40 beds) – and offers studio and one-bedroom floorplan options.
HarborChase of Venice is located at 950 Pinebrook Rd. and totals 71,980 square feet. The property consists of 126 units – 83 assisted living, 16 memory care and 27 skilled nursing (45 beds) – with studio, one-bedroom and companion suites available.
Both Naples and Venice have some of the largest 65+ populations in the country; with 40 percent of the total population in Naples being 65+ and 50 percent being 65+ in Venice. Located on the Gulf of Mexico, Naples is touted for its beaches and also proclaimed as the Golf Capital of the World, given its championship golf courses. The Venice area, near popular Sarasota, is poised for additional growth, given its beautiful, pristine beaches, top restaurants, shopping destinations and more.
The JLL Capital Markets team representing the seller was led by Managing Directors Cody Tremper and Mike Garbers and Associate Dean Ferris.
“The incredible demographic trends within both Naples and Venice played a vital role in the marketing of the two properties,” said Tremper. “The experience level, track record and ability to operate both private-pay assisted living, as well as skilled nursing, was a major factor in Prime Care’s decision to work with Triquetra on this transaction.”
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 sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.