Lowe Enterprises Investors Acquires 100-Unit Senior Housing Community in Tallahassee, Florida

Lowe Enterprises Investors Acquires 100-Unit Senior Housing Community in Tallahassee, Florida

TALLAHASSEE, FL - Lowe Enterprises Investors in joint venture with a foreign investment client has acquired St. Augustine Plantation, a senior housing community in Tallahassee, Florida, from Capital Health Group, LLC (CHG). CHG will maintain a minority ownership in the 100-unit, 115-bed community located at 2507 Old St. Augustine Road.

“St. Augustine Plantation offers LEI the ability to invest in a strong, stable Class A property and improve it through expansion and renovation,” said Brad Howe, co-CEO of LEI. “We also have the benefit of partnering with CHG, an experienced and respected senior housing property operator.”

St. Augustine Plantation is a best-in-class senior housing community in the Tallahassee market and is currently 97 percent occupied. The community was developed in two phases, the 75-unit assisted living building was built in 1998, and the 25-unit memory care building was built in 2012.The community’s common area amenities include a central dining room that serves three restaurant style meals a day, a beauty parlor and barber shop, activity centers for fitness, creative, social and spiritual programs, a craft/exercise center, chapel, and library.

The partners have developed a plan to improve common areas, expand the property by 24 memory care beds and add a wellness center for recreation and rehabilitation that will be managed by Florida State University.

St. Augustine Plantation is located approximately three miles southeast of downtown Tallahassee. Residents enjoy easy access to health care providers, with five hospitals in a five mile radius, as well as shopping and entertainment with a major shopping mall just over a mile from the property. Tallahassee serves as a healthcare hub for 23 surrounding rural counties.

LEI continues to expand its investment activities in the Southeast with recent acquisitions that include a Hampton Inn in Jacksonville, FL, an apartment community in Greensboro, NC and a portfolio of three Hilton Garden Inns in Georgia. The firm will seek additional opportunities to team with CHG on senior housing investments nationwide.

John Gaghan led the LEI investment team, Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and Mike McKee, arranged financing for the transaction.

Source: Lowe Enterprises Investors / #Senior #Housing

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