Jones Lang LaSalle Americas, Inc. (“JLL’’) is pleased to present Colonial at Freedom Village (the “Property”), an extremely unique, strategically located conversion opportunity in prime location in Bradenton, Florida. Built in 1992, the Property was operated as an Independent Living (“IL”) community within a larger Continuing Care Retirement Community (“CCRC”) campus called Freedom Village, which has long stood as the area’s best-known senior living community. Due to an excess capacity of independent living units on campus, ownership made the decision to relocate tenants to other areas of the Freedom Village campus, leaving the Property as a standalone vacant 77-unit building and a prime candidate for a new owner to convert it to a traditional multi-family community that stands to compete with newly built product in the area.
Built with solid concrete block construction, the Property is a singular building comprising elevator-serviced, three-story, four-story, and five-story wings featuring air-conditioned corridors, 12’ ceilings on the first floor and 9’ ceilings on upper floors, massive floor plans averaging 1,231 sf, and glass-enclosed patios and balconies. The Property’s ample common area space includes several resident lounges, former staff office space, a full-service kitchen and dining room, and a central courtyard, all of which provide a new owner a blank slate to create a community unlike any in the immediate area.
The Property benefits from a desirable, in-fill location adjacent to the HCA Florida Blake Hospital, a 383-bed hospital that employs a staff of 536 employees, providing a major demand generator next door. The immediate area is characterized by strong household incomes ($87,534 average HHI within a 3-mile radius), high home values (nearby homes selling for $300,000 to up to $700,000), and convenient access to retail, employment, Downtown Bradenton, and the Gulf Coast’s famed white sand beaches.
With a prime location near the Bradenton-Sarasota area’s top demand drivers, Colonial at Freedom Village uniquely offers prospective investors the chance to carry out their vision and the chance to capitalize on the outsized growth fundamentals in one of the country’s fastest-growing markets.
Rare Conversion Opportunity in Prime Location
- Featuring the largest floor plans in the Bradenton area at 1,231 sf, the Property will also be the only community among its competitive set to offer air-conditioned corridors.
- Abundant common area space for an investor to repurpose into resident lounge space, state-of-the-art fitness center, meeting and workspace, and a large central courtyard that could be outfitted with a swimming pool.
- Ability for an investor to be all-in well below current replacement cost ($325,000+ per unit) and deliver a like-new community that can easily compete with recently built product in the immediate area.
Strategic Location Within Rapidly Growing MSA
- Neighboring the HCA Florida Blake Hospital, a 383-bed hospital that employs a staff of 1,100+ employees
- Within a five-mile radius of The Property, homes are selling from $300,000 to $700,000
- Centrally located in the Sarasota/Bradenton MSA with convenient access to Downtown Bradenton (10 minutes), Lakewood Ranch (28 minutes), and Downtown Sarasota (28 minutes).
- Short drive to lifestyle attractions such as Anna Maria Island and Siesta Key, ranked the nation’s #1 beach by TripAdvisor.
Limited Supply and Healthy fundamentals
- The Bradenton submarket construction pipeline has been relatively muted, with no new construction starts in over a Year. This has bolstered the area’s healthy fundamentals with a 95% average occupancy (CoStar).
- Limited construction starts will keep deliveries down through much of the next year, with the next wave of new construction not delivering until mid-2024. (CoStar)
- The MSA stands as one of the fastest growing in Florida with 23% population growth since 2010 and 5% projected growth over the next 5 years, while job growth continues to outpace the national average.