ARA National Seniors Housing Group, based in Atlanta, Ga., brokered the sale of The Blake at Gulf Breeze, an assisted living and memory care community located in Gulf Breeze, Fla.
AEW Capital Management, a global real estate investment manager, acquired the 107-unit property for $24 million on behalf of AEW Senior Housing Investors, L.P.
The seller, Twin Palms, LLC, was represented by Ryan Maconachy and Chad Lavendar of ARA, and the property will be operated by Blake Management Group, its original developer.
The Blake, built in 2008, is a two-story community with 70 assisted living units and 37 memory care units.
“AEW saw this as an opportunity to purchase a Class A fully-stabilized community, while at the same time establishing a new relationship with Blake Management Group, a quality developer/operator,” said Chad Lavender in a statement.
Occupancy was approximately 95% at the time of the sale.
Written by Alyssa Gerace