MIAMI—WillowBrook Assisted Living, a 37,358-square foot senior housing property in Lake City, FL, has traded hands. The sale price was $7.4 million.
Krone Weidler, associate vice president investments at Marcus & Millichap, and LJ Tsunis, associate in the firm’s Tampa office, represented both parties in this transaction. The senior housing community is located at 1580 South Marion Avenue in Lake City.
“We received multiple offers from our buyer base around the country and in the end, an LLC out of Ohio purchased the asset,” says Weidler. “This is a great example of the interest buyers have in a high quality seniors housing product.”
The 37,358-square-foot senior housing facility sits on about 5.2 acres of land that includes a gazebo and a pond. Built in 2000, WillowBrook is one of the newer assisted living facilities in north central Florida. The senior housing saw add-ons in 2004 and 2007.
“Class A products in class A locations with a private pay resident base are in high demand,” says Weidler. “Initially, Willowbrook was sold in April 2013 for $6.7 million and less than 15 months later, the same asset sold for $7.4 million.”