October 14, 2016
Lowe Enterprises Investors (LEI) acquired St. Augustine Plantation, a senior housing property in Tallahassee, FL from Capital Health Group LLC (CHG) for $10.5 million. CHG will maintain minority ownership in the 100-unit, 115-bed facility at 2507 Old St. Augustine Rd.
John Gaghan represented LEI, Kenneth Assiran and HFF led the seller’s team. Berkadia’s Christopher Honn, Jeff Heath and Mike McKee, arranged financing for the transaction.
The 97%-occupied asset was developed in two phases. The 75-unit assisted-living building delivered in 1998, and the 25-unit memory care building came online in 2012. Lowe Enterprises, and its joint venture foreign investor partner, will improve the common areas and expand the property by 24 memory care beds. Also planned are the addition of a wellness center for recreation and rehabilitation, which Florida State University will manage.
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