Blackstone sells waterfront assisted living facility in Jupiter at a loss for $41M

Property last traded for $72M in 2017

The Mangrove Bay assisted living facility at 110 Mangrove Bay Way in Jupiter (Senior Lifestyle, iStock)
The Mangrove Bay assisted living facility at 110 Mangrove Bay Way in Jupiter (Senior Lifestyle, iStock)

Blackstone sold the waterfront Mangrove Bay assisted living facility in Jupiter for $41.2 million, a significant loss in value from its purchase price five years ago.

Chicago-based Ventas, a real estate investment trust, bought the 155-unit property at 110 Mangrove Bay Way from a Blackstone affiliate, according to records.

The 190,348-square-foot facility was constructed in 2002 on 6.5 acres, property records show. New York-based Blackstone had paid $71.9 million for the property in 2017.

Mangrove Bay offers independent, assisted and memory care living, according to its website. The largest unit is 1,400 square feet, with rates starting at $4,375 per month.

Amenities include a heated pool, poolside cafe, cocktail lounge, game rooms and a meeting room. The community allows residents to bring their pets. Services include transportation, on-site maintenance, in-house rehabilitation therapy, fitness, activities and social events, according to the Mangrove Bay website. The community was renovated in 2020.

It overlooks a waterway that merges into the Loxahatchee River less than two miles to the north.

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Blackstone, a global investment manager led by Chairman, CEO, and co-founder Stephen Schwarzman, invests on behalf of pension funds, large institutions and individuals, according to its website. Its real estate arm had $279 billion of investor capital under management in a global portfolio valued at $448 billion as of September.

In January, Blackstone Real Estate Income Trust, founded in 2017 with the goal of allowing individuals to enter institutional real estate investment, scooped up 42 affordable housing properties across South Florida from The Cornerstone Group.

Ventas, led by CEO Debra Cafaro, focuses on investments related to health care and real estate. Its 1,200-property portfolio includes senior living communities; life science, research and innovation real estate; medical offices and outpatient facilities, according to its website. In South Florida, the S&P 500 company also owns the Atria at St. Joseph’s in Jupiter and the Brookdale West Palm Beach senior housing communities.

Florida has long been a magnet for retirees, boosting its senior and assisted living real estate market.

In other recent assisted living facility deals, Fortress Investment Group bought four South Florida facilities in May for a combined $41.2 million.