Dealmaker: Grandbridge Closes $81M Senior Living Sale

(The Arlington at Naples, Naples, Fla.)

Grandbridge Real Estate Capital, Charlotte, N.C., sold The Arlington at Naples, a 298-unit continuing care retirement community in Naples, Fla., for $81 million.

The Arlington at Naples opened in 2015 and occupies 39 acres in the Lely Resort master-planned community. The community includes 47 independent living estate homes, 128 independent living apartments, 42 assisted living units, 37 memory-care units and 44 skilled nursing units.

Prior to the sale closing, The Arlington operated under a forbearance agreement. A Grandbridge team led by Dave Kliewer and Jay Jordan initiated a marketing process that highlighted the ability for a buyer to restore the asset’s financial stability to capitalize on the campus’s high quality and realize strong cash flow potential.

Grandbridge identified Life Care Services, Des Moines, Iowa, as the buyer. The Arlington sold through a court-directed process to deliver the property free and clear of its bond debt.

At closing, independent living occupancy equaled 75%, while the assisted living, memory-care and skilled nursing unit occupancy equaled 69%. The community’s average entrance fee exceeds $950,000.