Bristol Court, an assisted living facility specializing in memory care, has sold for $8.4 million. The facility, built in 1960 and completely renovated in 2011, has 70 units and 115 beds. At the time of the sale the facility was 89 percent occupied.
CTR Partnership, L.P., a REIT focusing on senior housing assets, purchased the facility from SPALF Holdings, LLC. The transaction was brokered by Kenneth Carriero, Senior Vice President, CCIM, and Damien Carriero, Associate Vice President of Colliers International National Seniors Housing Group.
The 35,474-square-foot memory care facility is one of the largest in Florida and sold for $120,339 per unit, $73,250 per bed.
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.
“Our biggest challenge for this transaction was locating the right buyer for this size of a memory care facility,” said Ken Carriero. “Most assisted living facilities offer memory care to about 20 percent of the residents, while Bristol Court focuses entirely on providing memory care.”
Bristol Court is located at 3479 54th Ave. N in St. Petersburg, Fla.
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