TAMPA, FL – March 1, 2008--The sale of Edgewater Manor Assisted Living Facility (photo top right) was announced today by Steven M. Ekovich, First Vice President and Regional Manager for the Tampa, Florida office of Marcus & Millichap Real Estate Investment Services.The property sold for $1,825,000 to Smith Health Care, an investor based out of Aurora, Illinois. The seller, Mr. Jon Roth has owned the property since 2003. Ken Carriero and Damien Carriero of Marcus & Millichap’s Tampa office represented both parties in the transaction.
The facility closed at a 13% cap and represented $76,000 per unit. The 40 year old 9,000 square foot facility was originally built by a prominent local physician as both his home and office. The facility has one of the most gorgeous views, looking out over St. Joseph Sound and across to the Gulf of Mexico.
The property was converted to an assisted living facility in the early nineties and purchased by Mr. Roth in 2003. Smith Health Care plans to bring its expertise of operating smaller facilities, paying particular attention to providing a family-type environment of a loving, caring home for the elderly.
Edgewater Manor Assisted Living Facility is a licensed 29 bed assisted living facility, located on St. Joseph Sound, in Clearwater, Florida.
CONTACT:
Steven M. Ekovich
Marcus & Millichap
Marcus & Millichap
(813) 387-4700
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