70-bed Baytree Lakeside sells for 3x cash flow
ST. PETERSBURG, Fla. (November 27, 2012) – Selling for three times the facility’s cash flow, the leasehold interest for the Baytree Lakeside assisted living facility in St. Petersburg has been sold to Morningstar Assisted Living, LLC.
Kenneth Carriero, CCIM, National Director of Colliers National Seniors Housing Group, and Damien Carriero, Associate Director, negotiated the closing. The Carrieros, based in Colliers International Tampa Bay’s offices in Clearwater, work on a national and international platform focusing on real estate investment brokerage for senior living facilities.
The seller, Taterik Properties, LLC, had four years left on a five-year lease option, while the buyer, Morningstar Assisted Living, LLC, intends to exercise the option to purchase prior to the end of the options period.
“We had a lot of interest in this property as it performs well and is in a great location,” said Kenneth Carriero. “Baytree Lakeside has been an operating assisted living facility with a stellar reputation since it opened its doors approximately 15 years ago, and the seller had been operating it for the last 6 years.”
Baytree Lakeside provides its residents with such services as housekeeping, laundry, beauty and barber, and home health and rehabilitation therapy, as well as recreational activities including games, exercise classes, arts and crafts and more.
Baytree Lakeside, located at 6411 46th Ave. N, has 47 units and 70 beds.
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