A 102,786-square-foot senior living community in Clay County has changed hands for $38 million, putting one of Fleming Island’s biggest healthcare real estate properties under a new owner. The sale is also the second recent ownership shuffle involving an Allegro-affiliated senior living community in Northeast Florida.
According to a report by Jacksonville Daily Record, Denver-based Healthpeak Properties bought Allegro Senior Living Fleming Island from KAPG Fleming Island Senior Housing OpCo LLC. The transaction was recorded in property records and involves a community offering independent living, assisted living and memory care. Based on the reported size, the deal comes to roughly $370 per square foot.
Allegro’s own materials describe those three care categories as part of its senior-living platform, which spans independent living, assisted living and memory care. The company says its communities are designed around different levels of support, from more independent lifestyles to personalized memory-care programs, according to Allegro Living.
The Fleming Island purchase follows the $54 million July sale of Allegro Senior Living St. Augustine in St. Johns County, the Jacksonville Daily Record reported. Both communities comprise 102,786 square feet, putting the combined value of the two Northeast Florida properties at $92 million.
Healthpeak Is Building A Bigger Senior Housing Platform
Healthpeak is an S&P 500 healthcare real estate investment trust whose portfolio includes outpatient medical, life science and senior housing properties, according to the company’s company overview. The Fleming Island deal adds another Northeast Florida property to a business that has been putting more capital into senior housing this year.
In a May update, Healthpeak said it had completed about $714 million in senior housing acquisitions across 25 communities during the first quarter, with those properties contributed to Janus Living after its initial public offering. Janus Living also had roughly $400 million in additional senior housing acquisitions under contract, while Healthpeak retained an 81.6% ownership stake.
For now, the confirmed change at Allegro Senior Living Fleming Island is ownership. Any future announcement involving the property’s branding, management or resident services would be a separate development from the recorded sale.
