An affiliate of Fortress Investment Group has bought a five-property senior housing portfolio with properties located throughout Southeast Florida.
The seller was not disclosed; however, the sales price was $64 million.
All properties are managed by Florida-based Sonata Senior Living, which has operated the communities for more than three years and will continue to manage the properties going forward.
The portfolio includes five Sonata properties totaling 444 units in Delray Beach (80 units), Boynton Beach (92 units), Boca Raton (74 units), Coconut Creek (94 units) and Vero Beach (104 units).
All properties were well-maintained by the previous owner, undergoing more than $13 million in capital expenditures over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.
