Pasadena, Calif.-based Grandtag Madison Realty LLC purchased the 56-unit The Palms of Punta Gorda assisted-living and dementia-care facility for $4 million.
BUYER: Punta Gorda Senior Living LP (Grandtag Madison Realty LLC), Pasadena, Calif.
SELLER: Punta Gorda Acquisitions LLC
PROPERTY: 2295 Shreve St., Punta Gorda
PRICE: $4 million
PREVIOUS PRICE: $3.4 million, December 2008
LAW FIRM ON DEED: Allison Nelson Esq., Denver
PLANS, DESCRIPTION: Pasadena, Calif.-based Grandtag Madison Realty LLC purchased the 56-unit The Palms of Punta Gorda assisted-living and dementia-care facility for $4 million.
The price equated to $71,439 per unit.
Located on a 3.2-acre site, the 22,991-square-foot, single-story building also features a 60-space parking lot. The facility features 56 private-room Alzheimer's care units. The property also included additional land that, based on its current zoning, could be used for a future expansion of another 40 units.
The existing units were roughly 90% occupied at the time of the sale.
Dawson Davenport, director of Special Assets Group in Irvine, Calif., represented the seller.
“The buyer intends to do some renovations and reposition it in the marketplace,” Davenport says. “It was in good condition, but they are going to do some upgrades to further improve it.”
The site is also surround by a 23-acre parcel, which although not included in the initial sale, could be acquired for a larger future expansion, according to Davenport.
Grandtag Madison is a partnership of Los Angeles-based real estate adviser Madison Realty Equities LLC and the investment resources of Hong Kong's Grandtag Financial Group, which is a wholesale brokerage firm in insurance and investments.
The buyer, Punta Gorda Senior Living LP, mortgaged the property to Encore National Bank for $2.2 million.