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Florida & Gulf Coast  + South Florida  + Senior Housing  |  May 12, 2021
David Cohen
By: David Cohen

JLL Brokers $64M Sale of Senior Housing Portfolio in Southeast Florida

JLL has arranged the $64 million sale of a five-property seniors housing portfolio in Southeast Florida.

The portfolio includes five Sonata properties totaling 444 units in Delray Beach (80 units), Boynton Beach (92 units), Boca Raton (74 units), Coconut Creek (94 units) and Vero Beach (104 units). The properties have undergone more than $13 million in capital expenditures over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations. All properties are managed by Florida-based Sonata Senior Living, who has operated the communities for more than three years and will continue to manage the properties going forward.

Mike Garbers and Cody Tremper of JLL represented the undisclosed seller, in the transaction. The buyer was an affiliate of Fortress Investment Group LLC. In addition, Allison Holland of JLL secured acquisition financing for the buyer.

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JLL’s Garbers

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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