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Attributes

Building Area
Number of units 243

Property Description

HarborChase of Naples is a 117-unit (133-bed) assisted living and skilled nursing community in Naples, Florida.

  • The property has 93 assisted living units (93 beds) and 24 skilled nursing units (40 beds)
  • The community was built in 1997 and has 78,859 square feet on a total of 5.14 acres of land
  • The community was 78.2% occupied as of June 14, 2020



HarborChase of Venice is a 126-unit (146-bed) assisted living, memory care, and skilled nursing community in Venice, Florida.

  • The property has 83 assisted living units (83 beds), 16 memory care units (18 beds), and 27 skilled nursing units (45 beds)
  • The community was built in 1996 and has 71,928 square feet on a total of 5.30 acres of land
  • The community was 74.0% occupied as of June 14, 2020

Investment Highlights

Project Gulf Coast consists of two senior living communities in Naples and Venice, Florida. The two properties offer 243 total units (279 total beds) of assisted living, memory care, and skilled nursing services.

  • Strong Submarkets: Naples and Venice have some of the strongest 65+ populations in the entire United States
    • 40% of the total population within a five-mile radius of the Naples property is over 65 years old
    • 50% of the total population within a five-mile radius of the Venice property is over 65 years old
  • Conversion Potential: Both properties offer the opportunity to convert ground-floor assisted living units to memory care to further round out the continuum of care within the property and fulfill unmet demand for memory care in both markets
    • The Naples property offers the opportunity to convert 14 assisted living units to 12 memory care units, while transitioning two current units to common area space
    • The Venice property offers the opportunity to convert 18 assisted living units to 16 memory care units, while transitioning two current units to common area space
  • Significant CapEx Invested: Since 2015, current ownership has spent over $3.5 million at the two properties
    • The Naples property has received $1.1 million, which includes new generators, room renovations, and a cooling tower
    • The Venice property has received $2.4 million, which includes new generators, exterior painting, HVAC upgrades, and a cooling tower
  • Management Opportunity: The portfolio is being offered unencumbered of management contracts
    • A new buyer has the opportunity to retain the current management company or to introduce a new operator to the portfolio
    • In 2019 the portfolio generated more than $18.9 million in revenues, which produced more than $934,000 in management fees
Last Updated Date: 27 Aug 2020
Cody Tremper
Cody Tremper
Managing Director, Capital Markets
Mike Garbers
Mike Garbers
Managing Director, Capital Markets

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Last Updated Date: 27 Aug 2020

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