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Tampa Bay Area
Business Observer Friday, Dec. 23, 2016 2 years ago

Horizon Bay at Hyde Park sells for $74 million

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In one of the largest senior-living deals along the Gulf Coast in 2016, a St. Louis-based company has acquired the Horizon Bay at Hyde Park independent and assisted-living project in Tampa for $74 million.
by: Kevin McQuaid Commercial Real Estate Editor

In one of the largest senior-living deals along the Gulf Coast in 2016, a St. Louis-based company has acquired the Horizon Bay at Hyde Park independent and assisted-living project in Tampa for $74 million.

Allegro Senior Living's purchase of the 800 W. Azeele St. project comes as senior living has emerged as one of the most sought after commercial real estate investments over the past year.

Florida's older demographics, combined with barriers to entry to developing new senior housing, in many cases, have pushed prices up throughout the Gulf Coast -- despite new development in Lakewood Ranch, Naples and elsewhere.

Allegro bought the 136-unit property from Bayshore Retirement Living, a Tampa company formed in 2012 by the former CEO of Horizon Bay Realty and others.

Amenities in the six-story building, which was completed in 2011, include an internet cafe, a barber shop and beauty salon, a library, fitness center, game room, heated swimming pool and bar and lounge area.

Horizon Bay, whose units average 714 square feet, was 98% leased at the time of the sale.

Bayshore was represented in the transaction by Holliday Fenoglio Fowler L.P.'s Ryan Maconachy, Chad Lavender and Dave Fasano, along with Zach Nolan of the commercial brokerage's Tampa office.

HFF also arranged for $48.5 million in financing through Protective Life Insurance Co. for the deal.

Allegro, a subsidiary of Love Cos., owns 10 senior housing communities in Florida, including properties in Tampa. Winter Park and Tarpon Springs.

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