Delaware REIT Grabs Pinellas County Assisted Living Facility
- Aug 03, 2015
By Balazs Szekely, Associate Editor
One of the largest assisted living facilities in Florida traded hands.
The 70-unit and 115-bed Bristol Court has sold for $8.4 million. Located at 3479 54th Ave. N, in St. Petersburg’s Lealman neighborhood, Bristol Court was built in 1960 and it is specialized in memory care. The 35,474-square-foot facility sold for $120,339 per unit—which translates into $73,250 per bed— and was 89 percent occupied at the time of the sale.
Bristol Court was specially designed by health care experts to focus on safety and security, while promoting maximum independence. Although most assisted living facilities include a small memory care component, Bristol Court is focused entirely on caring for residents with memory loss due to normal aging, Alzheimer’s disease, or other forms of dementia.
CTR Partnership LP, a Delaware-based real estate investment trust focusing on senior housing assets, purchased the facility from SPALF Holdings LLC, a Florida-based company that had carried out a series of renovations in 2011. The buyer has also signed a long-term lease with an unnamed memory care operator. Senior Vice President Kenneth Carriero and Associate Vice President Damien Carriero from the National Seniors Housing Group of Colliers International brokered the transaction.
Photo credit: Bristol Court ALF