Longwood Assisted Living Facility Sells For $9.4 Million

Nov 11, 2015 No Comments by

Cornerstone at Longwood, an assisted living and memory care facility, has sold for $9.4 million.

The 32,968-square-foot facility has 80 units and 112 beds and sold for $117,500 per unit or $83,928 per bed.

Madison Realty Equities, LLC, a private real estate firm based in Pasadena, Calif., purchased Cornerstone at Longwood from Pacor, Inc. The buyer is experienced in acquiring income-producing commercial real estate and has an investment portfolio of garden apartments, office, industrial, student housing and seniors housing properties.

The transaction was brokered by Kenneth Carriero, CCIM, National Director, and Damien Carriero, Vice President of Colliers International National Seniors Housing Group.

Previously in 2008, Kenneth Carriero sold this facility to the current seller, Pacor, Inc. Pacor, Inc. has since repositioned the property through renovations to the memory care wing and the assisted living units, which increased rental rates and property value.

 

“In today’s market, well-maintained senior housing facilities are in high demand, especially those that focus on memory care,” said Kenneth Carriero. “Opportunities to acquire a profitable senior housing property such as Cornerstone generally don’t last long, with offers coming in quickly.”

Cornerstone at Longwood is located at 480 East Church Avenue in Longwood, and was 90 percent occupied at the time of sale.

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