Southwest Florida 2-Pack_Property for Sale

Various locations

Southwest Florida 2-Pack

Portfolio description

JLL Seniors Housing Capital Markets (“JLL”) is pleased to exclusively offer for sale the SW Florida 2-Pack (“Portfolio”, “Communities”), a collection of two recently-built Class-A senior housing properties in Southwest Florida. The 322 unit value-add Portfolio contains desirable scale in a premier retirement destination. The Portfolio is comprised of Naples IL/AL/MC, a 2019-vintage independent living, assisted living and memory community, as well as Fort Myers AL/MC, an assisted living and memory care community that opened in October 2017 and was subsequently renovated following Hurricane Ian and fully reopened in June 2023.

The SW Florida 2-Pack provides an investor with substantial upside potential in one of the most premier retirement destinations. The Communities are both offered unencumbered by management contract as well as free and clear of debt. The Portfolio is operated by Retirement Unlimited, who is open to retaining management and forming a new partnership.

Naples IL/AL/MC is a 197-unit independent living, assisted living, and memory care facility offering studio, one bedroom, and two bedroom floorplans.

Fort Myers AL/MC is a 125-unit assisted living and memory care facility with studio and one bedroom unit plans.

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Attributes

Building area gross

26,739 m²

Number of units

322

Investment strategy

Value Add

Southwest Florida 2-Pack (2 Properties)

Media

Investment Highlights

Class-A Recent Vintage IL/AL/MC With Communities built in 2019 and 2017 (renovated in 2023 due to hurricane), the Portfolio represents modern Class-A design with abundant common areas and top quality finishes.
Premier Retirement Destinations: Naples and Fort Myers are some of the top retirement destinations in the United States with abundant affluent senior populations.
Substantial Upside: With occupancy approximately 81% at Naples and 50% at Fort Myers, the investment opportunity presents tremendous upside through the remaining lease up of the Communities and rate increases. Further, there are additional tangible upside strategies around unit reconfigurations in order to ideally fit the unit mix to resident demand.
Unencumbered Offering: The Portfolio is offered free and clear of all indebtedness and management contract. The Communities are operated by Retirement Unlimited ("RUI") and the opportunity includes the ability to retain RUI as manager and joint venture partner.