ARA Seniors announced the recent sale of Palm Cottages of Rockledge, a 96 unit independent, assisted living and memory care community located in Rockledge, Florida. The property was sold by Palm Land Property Holdings, Inc. to an affiliate of Salem Equity, LLC. Salem Equity is a Dallas, TX based investment firm specializing in providing equity capital to acquire/restructure seniors housing, assisted and healthcare assets.
The property, built in 2001, traded for approximately $3.4 million or $35,000 per unit, and the buyer assumed existing financing held by Ohio National Life. Palm Cottages is licensed for 98 beds and at the time of closing, the property was 74% occupied.
“This is a unique property in that it consists of a club house and eight separate cottage-style buildings with independent, assisted and memory care beds, all located within a residential community. The buyer has the opportunity to maximize their returns through stabilizing the asset and incorporating new management strategies,” says Ryan Maconachy for ARA.