Partnership Acquires Senior Living Facility Near Orlando, Florida
Acquisition Details
A collaborative partnership between PGIM Real Estate, a prominent player in the real estate investment sector, and Minneapolis-based Grand Living has successfully acquired a senior housing facility. This strategic joint venture reflects both parties’ commitment to investing in quality senior living environments.
Property Description
The property in question is the esteemed Oakmonte Village at Lake Mary. This facility is renowned for providing independent senior assisted living services, ensuring that residents experience comfort, convenience, and a supportive community. Oakmonte Village at Lake Mary is renowned in the senior housing sector for its high standards and exemplary service, making it a valuable acquisition for any investor.
Number of Units
The facility boasts an impressive 351 units, accommodating a significant number of residents while maintaining quality living conditions and providing comprehensive care services. This ample provision plays a crucial role in meeting the ever-growing demand for senior living spaces in the region.
Purchase Price
The joint venture completed this acquisition with a purchase price of $62 million. This substantial investment underscores the investors’ confidence in the long-term potential and value of senior housing facilities, especially those with a solid reputation and a well-established presence like Oakmonte Village.
Location
Located in the picturesque submarket of Lake Mary, a thriving community just outside Orlando, Florida, the facility benefits from its strategic location. Lake Mary offers a tranquil environment and convenient access to the diverse amenities and services of the greater Orlando area, making it an attractive residence for seniors who desire both serenity and accessibility.
Growing Demand for Senior Housing
This acquisition is a testament to the increasing demand for senior housing facilities. As the population ages, the need for such specialized housing solutions grows, prompting investors to seek opportunities in this lucrative and essential sector. Oakmonte Village at Lake Mary stands out not only for its exceptional location but also for the quality of life it offers its residents, ensuring it remains a sought-after solution for senior living.
The joint venture’s acquisition of Oakmonte Village highlights a strategic move to capitalize on rising market needs, ensuring that seniors continue to have access to superior living arrangements. By investing in such facilities, PGIM Real Estate and Grand Living are playing a pivotal role in shaping the future landscape of senior housing in the United States.
