April 20, 2018, Steve Monroe, Senior Care Investor - The Tampa Bay seniors housing market continued its rapid pace of growth, marked most recently by a brand-new assisted living and memory care community developed by Pridgen Development and equity investor Lindell Investments.
The $28 million, 107,000 square-foot community in the town of Brandon was funded by a $21 million, five-year loan provided by Hancock Bank and designed by Bessolo Design Group to include a total of 138 units, 89 of which are assisted living apartments, and the other 49 units are for memory care, with several different floorplans available.
Its per-unit cost (at $202,900) is above the average cost for like-projects in the area, which currently stands at $163,700 per unit, according to our private development database dating back to 2013. One reason, perhaps, for that high cost was the community’s amenities. Along with each unit being equipped with Wi-Fi and mobile medical technology, the community also features a dog park, fitness center, art studio, library, daily programs and activities, and a variety of restaurants.
The developer, Pridgen, has one other senior living project, planned for Englewood, Florida, and the operator, Solvere Senior Living, is continuing its robust southeast strategy with this development. Solvere already partnered with Lindell Investments to develop a 101-unit AL/MC community in Westchase (Tampa MSA), and with Bridgeview Realty Capital to build an 84-unit AL/MC community in Fredericksburg, Texas.
But, the action may not stop there, as Bridgeview has a 10-property development pipeline planned, with Solvere in mind as the operating partner. So, Tampa may just be the tip of the iceberg. Solvere also assumed management at two existing IL communities, with 238 total units, in Glen Allen (Richmond MSA) and Williamsburg, Virginia, both owned by an affiliate of private equity real estate investment firm, Green Courte Partners, LLC.