Tuesday, August 28, 2012

$19 Million Lender-Owned Independent Living Complex Sold in Jacksonville, FL by Marcus & Millichap

 JACKSONVILLE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Brighton Bay (top left photo), a lender-owned, 185-unit independent living community located in southeastern Jacksonville.

The sales price of $19 million represents $102,703 per unit and $85 per square foot.

 Michael Pardoll (middle right photo), a senior vice president investments in Marcus & Millichap’s Charlotte, N.C. office, represented the seller, a subsidiary of Wells Fargo & Co.

The buyer is The Carlyle Group, a Washington, D.C.-based asset management company. Kirk Felici (lower left photo), a vice president and regional manager of the firm’s Miami office, is Marcus & Millichap’s Florida broker of record.

 “Occupancy at independent living facilities will continue to strengthen as spillover demand filters in from age-restricted and market-rate communities,” says Pardoll. “Brighton Bay is well positioned to take advantage of this trend and also to change with the times as the property was built to code for conversion to assisted living.”

The property is located at 10061 Sweetwater Parkway, less than one mile from Florida State Road 9A, next door to a 1,000-resident retirement community and 15 minutes from downtown Jacksonville.

 The 222,444-square foot Brighton Bay was constructed in 2010 on 8.2 acres. The community offers studio and one-bedroom and two-bedroom residential suites on four floors. All suites include a full kitchen, large living room and one or more bathrooms.


Stacey Corso
Public Relations Manager
(925) 953-1716

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