LOS ANGELES--(BUSINESS WIRE)--Lowe Enterprises Investors (LEI) in joint venture with a foreign investment client has acquired St. Augustine Plantation, a senior housing community in Tallahassee, Florida, from Capital Health Group, LLC (CHG). CHG will maintain a minority ownership in the 100-unit, 115-bed community located at 2507 Old St. Augustine Road.
“St. Augustine Plantation offers LEI the ability to invest in a strong, stable Class A property and improve it through expansion and renovation,” said Brad Howe, co-CEO of LEI. “We also have the benefit of partnering with CHG, an experienced and respected senior housing property operator.”
St. Augustine Plantation is a best-in-class senior housing community in the Tallahassee market and is currently 97 percent occupied. The community was developed in two phases, the 75-unit assisted living building was built in 1998, and the 25-unit memory care building was built in 2012.The community’s common area amenities include a central dining room that serves three restaurant style meals a day, a beauty parlor and barber shop, activity centers for fitness, creative, social and spiritual programs, a craft/exercise center, chapel, and library.
The partners have developed a 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.
St. Augustine Plantation is located approximately three miles southeast of downtown Tallahassee. Residents enjoy easy access to health care providers, with five hospitals in a five mile radius, as well as shopping and entertainment with a major shopping mall just over a mile from the property. Tallahassee serves as a healthcare hub for 23 surrounding rural counties.
LEI continues to expand its investment activities in the Southeast with recent acquisitions that include a Hampton Inn in Jacksonville, FL, an apartment community in Greensboro, NC and a portfolio of three Hilton Garden Inns in Georgia. The firm will seek additional opportunities to team with CHG on senior housing investments nationwide.
John Gaghan led the LEI investment team, Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and Mike McKee, arranged financing for the transaction.
About Lowe Enterprises Investors
Lowe
Enterprises Investors (LEI) provides real estate investment management
services on behalf of a select list of institutional and high net worth
clients and partners through individually managed accounts, commingled
fund relationships and targeted investment programs. The firm has been
responsible for $7 billion in real estate assets, including commercial,
hospitality and debt investments, since inception in the late 1980s. LEI
has been a leading value-added investor through multiple cycles,
employing equity and structured debt in its investment strategies. The
firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a
national investment, development and management firm. Since inception in
1972, Lowe has acquired, developed or managed more than $24 billion of
real estate assets. Lowe maintains additional regional offices in
Southern California, Denver, Philadelphia, Seattle and Washington, DC.
For more information about LEI, please visit: www.leinvestors.com
About Capital Health Group, LLC
Capital
Health Group, LLC (“CHG”) is a privately held real estate company that
was founded in 2006 by Jack Dwyer and Kenneth Assiran to make capital
investments in senior housing facilities through acquisition and
development. Over the past 10 years, CHG has invested in 47 senior
housing facilities with over 4,500 beds. CHG’s current portfolio
includes 34 operating facilities and 7 communities under construction
with approximately 4,000 beds. The portfolio is located nationally
across 12 states and includes independent living, assisted living and
memory care communities.
About Berkadia®
Berkadia, a joint
venture of Berkshire Hathaway and Leucadia National Corporation, is a
leader in the commercial real estate industry, offering a robust suite
of services to our multifamily and commercial property clients. Through
our integrated mortgage banking, investment sales and servicing
platform, Berkadia delivers comprehensive real estate solutions for the
entire life cycle of our clients’ assets. To learn more about Berkadia,
please visit www.berkadia.com.