St. Augustine Plantation, a 100-unit senior housing community in Tallahassee, FL has been acquired by a joint venture between Lowe Enterprises Investors and a foreign investment client. Located at 2507 Old St. Augustine Road, St. Augustine Plantation was developed in two phases, the 75 unit assisted living building in 1998, and a four-year old 25-unit memory care building. The new owners plan to improve common areas, expand the property by 24 memory care beds and add a wellness center for recreation and rehabilitation that will be managed by Florida State University. As a condition of the deal, the seller Capital Health Group, will maintain a minority ownership in the community, which was 97 percent occupied at the time of the sale. A purchase price was not disclosed but Berkadia’s Senior Housing and Healthcare Group arranged $23.8 million in financing for LEI in connection with the transaction.
“St. Augustine Plantation offers LEI the ability to invest in a strong, stable Class A property and improve it through expansion and renovation,” Brad Howe, LEI’s co-CEO, said. “We also have the benefit of partnering with CHG, an experienced and respected senior housing property operator.”
