Bonita Springs, Florida-based Discovery Senior Living bought land in Daytona Beach with plans to build a new active adult community.
Records show Henning Holdings LLC, an affiliate of Discovery Senior Living, paid $3.56 million for 11.3 acres at the intersection of Clyde Morris Boulevard and Dunn Avenue. The property was subdivided from a larger assemblage of land owned by Halifax Health, which is chipping away pieces of its property around its 563-bed hospital for future development.
Discovery Senior Living plans to develop a 198 unit, active adult, senior living project on the property it just purchased, according to a news release. According to the company’s website, a typical independent senior living community would include units featuring full-size kitchens and in-unit laundry machines.
Its communities also feature heated pools, lounges, bars and wellness centers. Residents have access to weekly social and recreational activities and events, as well as dining options, housekeeping and complimentary scheduled transportation.
NAI Realvest’s Ted Lightman, Charles Lichtigman and Patrick Mahoney brokered the deal. Lightman told GrowthSpotter the brokerage is working with Halifax Hospital to sell its remaining roughly 45 acres to intersted buyers with plans for new development that will complement its flagship Daytona hospital.
The land can accomodate a number of uses including hotel, assisted living, retail and medical office space.
Records show Discovery Senior Living financed the most recent deal with a $3.25 million loan from West Bank.
The health district is located near major roadways such as I-4 and I-95. Nearby institutions include Embry-Riddle Aeronautical University, Daytona State College, Volusia Mall, Daytona International Speedway, and the Daytona Beach International Airport.
Prior to the pandemic, real estate research firm, Green Street Advisors, considered senior housing to be one of the fastest-growing commercial real-estate sectors.
According to a WSJ report, high demand for senior housing, including assisted and independent living facilities, was expected to accommodate a massive baby-boomer generation: 72 million people born between 1946 and 1964, or about one in five Americans. But a rise of “aging-in-place technologies” and the average age of people entering senior housing rising (to about 84 to 85 years of age) may offset demand, according to the report.
According to a recent report by the National Investment Center for Seniors Housing and Care, demand for senior housing improved in the second quarter. According to data put together by the organization, the nation’s senior housing and care sector saw its first positive quarterly absorption since the first quarter of 2020 and the most positive absorption since 2019.
In the second quarter of 2021, 47% of participating senior housing properties reported an increase in occupancy. During the height of the pandemic, that number was 22.5%.