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| Kenneth Carriero |
St. Petersburg, FL (July
29, 2015) – Bristol Court, an assisted living facility specializing in memory
care, has sold for $8.4 million.
The facility, built in 1960 and completely
renovated in 2011, has 70 units and 115 beds. At the time of the sale the
facility was 89 percent occupied.
CTR Partnership, L.P., a
REIT focusing on senior housing assets, purchased the facility from SPALF
Holdings, LLC.
The transaction was
brokered by Kenneth Carriero, Senior
Vice President, CCIM, and Damien
Carriero, Associate Vice President of Colliers International National
Seniors Housing Group.
The 35,474-square-foot
memory care facility is one of the largest in Florida and sold for $120,339 per
unit, $73,250 per bed.
Bristol Court was
specially designed by health care experts to focus on safety and security,
while promoting maximum independence. Although most assisted living facilities
include a small memory care component, Bristol Court is focused entirely on
caring for residents with memory loss due to normal aging, Alzheimer’s disease,
or other forms of dementia.
“Our biggest challenge for
this transaction was locating the right buyer for this size of a memory care
facility,” said Ken Carriero. “Most assisted living facilities offer memory
care to about 20 percent of the residents, while Bristol Court focuses entirely
on providing memory care.”
Bristol Court is located
at 3479 54th Ave. N in St. Petersburg, Fla.
For a complete copy of the company’s news release,
please contact:
Leah Saunders
B2 Communications
Office: (727) 895-2030,
ext. 104
Cell: (813) 924-0367
Email: Leah@B2communications.com
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