For Auction
Asset Snapshot
Offering Summary
Lake Forest Park
Premier Stabilized Senior Living Facility Asset Sale
Investor Tours/Dates: Please Contact the Mission Capital team to schedule a tour of the Property
September 24 & 25, October 1 & 2 , October 8 & 9
INVESTMENT HIGHLIGHTS
Stabilized with Strong Cash Flow – The property is currently 92.5% occupied as of September 2019 and reported a T-12 NOI of $1.4mm. Occupancy has remained stable for several years, the past four of which has seen occupancy over 90%.
Prime Location in a Growing Market – St. Lucie County reports 24.1% of the population over the age of 65, which outpaces the state of Florida (20.5%) and national (16.0%) averages. Furthermore, within a five-mile radius of the property, the 65-plus population is forecasted to increase by 23.66% through 2023. The expected growth far outpaces that of the general population (6.91%) for the same time-period.
High Quality and Well Maintained – The property was significantly renovated in 2010 with additional improvements occurring in 2013 including new flooring, parking lot resurfacing, landscaping and exterior power washing. Additionally, many of the independent living units have been renovated over the past few years as units have turned over. To date, approximately 20 of the independent living units have been renovated.
DESCRIPTION
RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire the fee simple interest in Lake Forest Park, an 89.8% occupied,127-unit memory care, independent and assisted living facility in Fort Pierce, FL. The facility contains 59 independent living units, 56 assisted living units, and 12 memory care units .
The property was built in 2000 and consists of 28 buildings containing a total area of approximately 123,179 square feet on a 14.45-acre site zoned PUD & I, Planned Unit Development & Industrial. Extensive renovations occurred in 2010, with additional improvements completed in 2013. The main two-story assisted living building contains many of the property’s amenities including a living room with a fireplace, dining room, library, full commercial kitchen, activity room, break room, laundry room and wellness area.
The property is located approximately 5 miles from Port St. Lucie, one of the premier retirement locations in the U.S. St. Lucie County reports 24.1% of the population over the age of 65, which outpaces the state of Florida (20.5%) and national (16.0%) averages. Within a five-mile radius of the property, the 65-plus population is forecasted to increase by 23.66% through 2023. The expected growth far outpaces that of the general population (6.91%) for the same time-period.
Due Diligence
Platform Fee
Buyer pays a minimum platform fee of 5% or $25,000 at closing.
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Disclaimers
The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
