(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
JACKSONVILLE, FL—Brighton Bay, a lender-owned independent living community just traded hands. A subsidiary of Wells Fargo sold the 185-unit complex to The Carlyle Group for $19 million. The sales price represents $102,703 per unit and $85 per square foot.
Michael Pardoll, a senior vice president investments in Marcus & Millichap’s Charlotte, NC office, represented the seller. Kirk Felici, a vice president and regional manager of the firm’s Miami office, is Marcus & Millichap’s Florida broker of record.
“Occupancy at independent living facilities will continue to strengthen as spillover demand filters in from age-restricted and market-rate communities,” Pardoll tells GlobeSt.com. “Brighton Bay is well positioned to take advantage of this trend and also to change with the times as the property was built to code for conversion to assisted living.”
Located at 10061 Sweetwater Parkway, the independent living facility is less than one mile from Florida State Road 9A. It is also next door to a 1,000-resident retirement community and 15 minutes from Downtown Jacksonville.
The 222,444-square foot Brighton Bay was constructed in 2010 and sits on 8.2 acres. The community offers studio and one-bedroom and two-bedroom residential suites on four floors. All suites include a full kitchen, large living room and one or more bathrooms.
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