Carlyle Group Buys Lender-Owned Independent Living Community for $19M

By Georgiana Mihaila, Associate Editor

The Carlyle Group has purchased the lender-owned independent living community Brighton Bay for $19 million. The sales price represents $102,703 per unit or $85 per square foot.

The 185-unit property is located in southeastern Jacksonville. Michael Pardoll, senior vice president investments in Marcus & Millichap’s Charlotte, N.C. office, represented the seller, a subsidiary of Wells Fargo & Co. which entered into possession of the retirement home in 2011 for $25.7 million.

“Occupancy at independent living facilities will continue to strengthen as spillover demand filters in from age-restricted and market-rate communities,” says Pardoll. “Brighton Bay is well positioned to take advantage of this trend and also to change with the times as the property was built to code for conversion to assisted living.”

Following the purchase, The Carlyle Group, a Washington, D.C.-based asset management company, brought in Leisure Care as its management partner. The companies have partnered in The Carlyle Group’s previous three acquisitions. The addition of Brighton Bay to Leisure Care’s operations portfolio has contributed to a 20 percent growth of the third-party management company’s managed assets. The asset represents Leisure Care’s 40^th location.

The 222,444-square foot Brighton Bay was constructed in 2010 on 8.2 acres. The community is located at 10061 Sweetwater Parkway, less than one mile from Florida State Road 9A. It is next door to a 1,000-resident retirement community, and 15 minutes from downtown Jacksonville.

Brighton Bay offers studio, one-bedroom and two-bedroom residential suites on four floors. All suites include a full kitchen, large living room and one or more bathrooms.

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