JLL’s Seniors Housing Capital Markets team closes sale of Florida seniors housing community
HarborChase Wellington Crossing is a Class A community offering assisted living and memory care in Palm Beach County
MIAMI, Oct. 24, 2024 – JLL Capital Markets announced that it has completed the sale of HarborChase Wellington Crossing, a 134-unit, Class A seniors housing community in Wellington, Florida.
JLL’s Seniors Housing Capital Markets team arranged the sale to a partnership between Scarp Ridge Capital Partners and Walton Street Capital, who is bringing on Agewell Solvere to manage the community. The buyer has rebranded the community and now operates under the name Alamar Senior Living. MidCap Financial, a leading commercial finance company focused on middle market transactions, provided the floating-rate first mortgage loan.
Completed in late 2018, HarborChase Wellington Crossing consists of 76 assisted living units and 58 memory care units. The community provides elegant and abundant common spaces for multiple dining options and resident activity and focuses on hospitality to assisted living and memory care residents in need of licensed care. Amenities include a bistro, bar/lounge, theatre, physical therapy gym, resident garden, secured courtyards, beauty salon and game room. The buyer intends to execute a significant capital improvement plan over the next 12 months to further enhance and differentiate the community in this dynamic and growing submarket.
HarborChase Wellington Crossing is located at 8785 Lake Worth Rd. about 15 miles southwest of West Palm Beach. The community has excellent frontage and visibility along Lake Worth Rd. and is just west of the Florida Turnpike.
The community is a well-built and well-located property that provided an exciting opportunity for the buyer to realize significant upside in the current market.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.