ORLANDO—Big Rock Partners just bought nineacres of land in the Orlando suburb of Celebration, FL fromCelebration Company. The developer plans to builda $60 million, class A senior housing rentaldevelopment there with ground breaking in the first quarter of2015. It's significant because it's Celebration's firstsenior housing community to offer independentliving, assisted living and memory care services.

Big Rock has big backers. Sabra Health CareREIT loaned the firm $4.5 million for the land transactionand plans to offer additional capital to build the seniorhousing facility, according to Big Rock senior managingprincipal Richard Ackerman.

“The senior living industry is in flux, as theeconomy recovers and demand rises,” says Ackerman, who oversawApollo Real Estate Advisors' West Coast and Japaninvestments before forming Big Rock in 2006. “Occupancy stayedrelatively steady throughout the recession, but many senior livingcommunities built 25 or 30 years ago have not kept pace with theamenities and ambiance consumers now expect. Demand is strongnationwide for a new generation of rental alternatives to thetraditional 'buy-in' continuing care retirement community.”