US - Jacksonville, FL
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
Strategic Location Within Rapidly Growing MSA
Limited Supply and Healthy fundamentals