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Commercial Real Estate
Business Observer Friday, Jan. 11, 2019 3 years ago

Apollo buys Largo assisted living facility

Senior housing deal was part of a $428 million portfolio sale with HCP
by: Kevin McQuaid Commercial Real Estate Editor

One of the nation’s largest commercial real estate investors has acquired a Largo assisted living facility, part of a portfolio of senior housing properties it bought in Florida and elsewhere around the end of last year.

An affiliate of Apollo Global Management, of New York, bought the Brookdale Pinecrest community, at 1150 8th Ave. S.W., in Largo, for $93.4 million.

The deal for the 120-bed facility was part of a 22-property transaction with HCP Inc., a major health care and senior housing real estate investment trust, totaling $428 million that was announced in mid-2018.

In addition to the Largo project, which will be a part of Apollo’s Bishop Senior Living Holdings umbrella, Apollo acquired HCP properties in Sarasota and Venice, records show.

Each of the properties, which combined contain 2,780 units, are managed by Brookdale Senior Living Inc., the nation’s largest senior living manager.

The Brookdale Pinecrest property, in Largo, is roughly 96% occupied, according to data from the state’s Agency for Health Care Administration.

HCP had owned the facility since buying it for $55.4 million in 2004, property records show.

Officials at Apollo, which manages nearly $250 billion in assets, declined to comment on the transaction.

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