Bridge Investment Group pays $77M for senior living complex in Lantana
Joint venture between AEW Capital Management and Senior Lifestyle sold the property
Bridge Investment Group paid $77.2 million for the Carlisle Palm Beach, a luxury senior living community in Lantana.
Property records show SHI Carlisle Palm Beach LLC, a joint venture between Chicago-based Senior Lifestyle and Boston-based AEW Capital Management, sold the 310-unit complex at 450 East Ocean Drive to an affiliate of Bridge Investment Group, a real estate investment and property management firm. It traded for $249,000 per unit.
Bridge Investment Group financed the deal with a $55 million mortgage from Wells Fargo.
The Carlisle offers independent living, assisted living units and memory care units with rents starting at nearly $4,000, according to its website. The six-story, 235,000-square-foot community sits on 7.15 acres a block away from the ocean. It was built in 1998 and renovated in 2005, according to data from Real Capital Analytics.
Senior Lifestle and AEW paid $53 million for the property in 2011, which means it just traded hands for roughly 45 percent more than its previous sale six years ago.
Bridge Investment Group manages $7.8 billion in multifamily, affordable housing, senior housing and medical properties, office and debt strategies, according to its website. Executives at the firm were not immediately available for comment.
Nearby in Lake Worth, the developers of Villages of Windsor in Lake Worth are completing construction of a 320-unit senior housing complex, the Villages of Windsor, which will have 188 independent-living units, 80 assisted-living units and 54 memory-care units.