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Blackstone Group buys Brookdale-managed senior living facility in Ocoee

Blackstone Group buys Brookdale-managed senior living facility in Ocoee
A entrance view of the Brookdale Ocoee senior living facility on N. Clarke Road. (Brookdale Senior Living)

An affiliate of the Blackstone Group paid nearly $9.43 million on March 29 for a 105-bed senior living facility in Ocoee, part of a 64-property portfolio that's triple-net leased to Brookdale Senior Living, the largest operator of its kind in the nation.

The seller was an affiliate of California-based real estate investment trust HCP, Inc. Recorded on Wednesday in Orange County, the sale had been planned since early November, and was part of 5,967 units across the country managed by Brookdale that Blackstone was acquiring from various owners.

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Brookdale also announced last year a deal with Blackstone to acquire a 15 percent ownership stake in the joint venture buying the portfolio, for $170 million.

Brookdale will continue managing the Ocoee property, as well as others bought by Blackstone in the JV. An agreement filed locally with the deed locks Brookdale in for the next three years, with one-year automatic renewal options to follow.

Located at 80 N. Clarke Road, the Ocoee facility offers assisted living and dementia care services.

The purchase in Ocoee follows four South Florida senior living properties bought by Blackstone in March for a combined $154.7 million, according to The Real Deal Miami.

Those were sold by affiliates of Welltower, a Toledo, Ohio-based health care REIT, which sold properties in Boca Raton, Jupiter, Hollywood and Aventura that total 590 units, breaking down to about $262,200 per unit.

Blackstone sourced $636.25 million in loans from Fannie Mae, serviced by KeyBank, to finance the Ocoee acquisition and others in the Brookdale portfolio.

One of the largest private equity firms in the world, Blackstone has shown a growing interest in senior housing investment in the past year. The company announced last August it was creating a $5 billion non-traded REIT to invest in income-oriented real estate, including senior living.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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