Brad Clousing sold a 129 unit Assisted Living Community in St. Petersburg, Florida. The building was originally built as a hotel in 1971. In 1995 it was renovated and converted to an assisted living facility. It was again substantially renovated in 2005. The facility was unable to survive the high leverage placed on it in 2007 and was foreclosed on by the syndicate of lenders. The facility has been closed but the new owners plan on upgrading the building. Because of the large resident rooms, good condition and favorable location, the project will re-open as an ALF. The Buyer is a regional owner/operator of assisted living and has had success with hotel conversions to seniors housing. They plan on investing significant capital to upgrade and rebrand the facility. The demand within the primary market area is very strong and the facility will serve a needed niche. Once it opens, the facility will compete well with other communities in the market and it is anticipated the asset will reach stabilization within 3 years. For additional information, please contact Brad Clousing at 630/858-2501 or clousing@slibinc.com
