DES MOINES, IA – LCS, the nation’s second largest senior living operator, announced it has bought Essex Meadows in Essex, Connecticut and Sandhill Cove in Palm City, Florida. Both Life Plot Communities were privately held by the Weitz family since 1995. This represents the company’s tenth acquisition under its programmatic joint venture sponsored by LCS Real Estate, An LCS Company. BMO Harris Bank provided acquisition financing.

LCS Real Estate has executed on acquisition and development transactions in excess of $1.5 billion since 2016, and has an ownership stake in 46 senior housing communities nationwide, including 16 Life Plot Communities.

LCS has a long history with the Weitz family, Essex Meadows and Sandhill Cove. LCS Development, An LCS Company was the original development company for both communities. Life Care Services, the management arm of LCS, has managed the communities since opening and will continue to manage the communities going forward.

“Both communities have fantastic reputations in the marketplace, strong leadership, and exceptionally high resident satisfaction and occupancy,” says Dan Lahey, VP/managing director for LCS Real Estate.

Essex Meadows is located on a 104-acre campus with 189 independent living and 41 skilled nursing residences. Sandhill Cove sits on the Martin County waterfront with 225 independent living, 20 helped living, and 36 skilled nursing residences.

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FORT LAUDERDALE, FL – Boardwalk Properties closed on a newly constructed 394-unit resort-style apartment complex for $119 million. The sellers were Pacific Investment Management Company, LLC (PIMCO) and Greystar. Boardwalk will rename the property THE AVENUE from its current name, Elan Maison.

The buy of the property reflects Boardwalk’s strong growth, especially over the past 10 months (in February 2018, the company bought The Queue Apartments, a 191-unit rental property in downtown Fort Lauderdale, for $53 million.) The company invests in the multifamily sector in South Florida, recently focusing on Broward County.

The resort-style complex includes one, two, and three bedroom units. Units feature stainless-steel appliances, wood-style flooring, oversized windows and laundry rooms with full-size washers/dryers. Common amenities include a three-level clubhouse with fitness center, yoga studio, social spaces with flat screen TVs, Wi-Fi and a billiards room. The 15-acre property includes two resort style swimming pools, cabanas, shuffleboard, bocce ball, two dog parks, outdoor kitchen, herb garden, grilling stations, dining areas and a fire pit.

“The acquisition of the property at 6220 Reese Road is a significant milestone for us at Boardwalk, as we look to expand and diversify our portfolio.” said Adam Walker, principal of Boardwalk Properties. “Our company continues to place an emphasis on long term growth in neighborhoods with sustained values.”

Representing Boardwalk Properties in the transaction was attorney Neil Rollnick from Hinshaw & Culbertson LLP, who has worked with Boardwalk since its inception in 2014. 

Boardwalk has teamed up with Urban Resource, a boutique real estate management firm, for the on-site management at THE AVENUE. Urban Resource manages in excess of 5,000 units in South Florida.

Boardwalk Properties is a family-run business with roots in New York; Toronto, Canada; and South Florida. Notable acquisitions include: a 240-unit portfolio in South Beach for $59 million;  The Queue Apartments, a 191-unit building located at 817 SE 2nd Avenue, in downtown Fort Lauderdale, for $53 million. The seven-tale project offers studios, one, two, and three bedroom units. Amenities include a state-of-the-art two-tale gym, swimming pool, outdoor barbeque and dog park.

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FORT MYERS, FL – Walker & Dunlop announced that it structured loan financing for Coral Pointe at the Forum and East Pointe at Altamonte, two garden-style multifamily apartment communities in Florida. The two transactions were completed on behalf of InvestRes and totaled $65,625,000.

The Walker & Dunlop team was led by Matthew Baldwin and Alison Williams, who both specialize in the origination of debt and structured finance solutions for all commercial real estate classes. The team structured a non-recourse, five-year bridge loan for the acquisition of Coral Pointe at the Forum, delivering the best possible debt terms while tracking the newly-built asset through lease-up. For East Pointe at Altamonte, the team secured an attractive, non-recourse, ten-year permanent refinance loan that included five years of interest-only payments. The attractive terms resulted in a significant value-return to the borrower’s investors.

“We are pleased to partner with Walker & Dunlop as we continue expanding into the Florida market and beyond. Both transactions are a fantastic reminder of why it is vital to work with a best-in-class team of professionals, and we look forward to building on this successful relationship,” stated Bernardo Tannenbaum, Associate at InvestRes. 

Located in Fort Myers, Coral Pointe at the Forum offers competitive market rents and has experienced rapid lease-up absorption. In addition to its newly-built and market-leading apartment units, residents have access to a club room, resort-style deck area, heated pool, grills, gazebos, outdoor bar area, oversized fitness center, and dog-friendly parks. 

East Pointe at Altamonte is a 354-unit community in Altamonte Springs. The property was bought as two separate assets in August 2017, and the owners have invested significant capital while streamlining management over the first year of ownership. On-site, residents have access to new unit upgrades and amenities, including a 24-hour fitness center, resort-style swimming pools, community gardens, bark parks, playgrounds, and picnic areas. The property is also located near Uptown Altamonte shopping and entertainment district. 

Both communities benefit from Florida’s statewide growth and strong economic performance. Due to its robust economy, favorable tax environment, mild weather, and overall high quality of life, migration into Florida continues to increase. The state’s population grew 17.7 percent from 2000 to 2010 and is expected to grow another 7.1 percent, approaching 22 million people by 2021.  

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