UPDATE: Blackstone Sells Florida Senior Living Complex for $105M as Part of Portfolio Trade
By Julia Echikson February 7, 2022 5:02 pm
reprints
Blackstone sold an assisted-living facility in Jupiter, Fla. to Ventas for $105.3 million.
Records show that Ventas bought the 155-unit property for $41.2 million, a $30.7 million reduction from the 2017 sale price, but only reflects the sale price of the 6.52-acre parcel, according to sources involved in the deal.
The full price covers the property’s three buildings, which total 190,348 square feet, per the source. The Jupiter deal is part of a portfolio trade between Ventas and Blackstone.
The assisted living community is located at 110 Mangrove Bay Way, along the Intracoastal Waterway on a barrier island, widely considered a prime piece of real estate for single-family homes, hotels, and condominiums.
But the property is unlikely to change uses, given its new owner. Ventas, a real estate investment trust based in Chicago, specialized in senior and health care facilities.
The deal comes as Blackstone had its best quarter — ever. In an earnings call last month, CEO and co-founder Stephen Schwarzman said the firm “reported the most remarkable results in our history on virtually every metric.”
Propelled by real estate investments, the financial firm almost doubled its net income to $2.9 billion, during the fourth quarter of 2021, up from a year prior, according to The Real Deal.
Senior living has faced a particularly challenging two years, with occupancy still below pre-pandemic levels even after beginning to rebound in 2021, combined with an industry-wide labor shortage and increased health measures.
Update: A previous version of the story stated that Blackstone sold the property at a $30.7-million loss — as property records indicated. Commercial Observer amended the story once it was brought to our attention that property records did not reflect the full scale of the trade.
Julia Echikson can be reached at jechikson@commercialobserver.com.
