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Morningstar Senior Living LLC of Bellingham, Wash., has purchased the lease to operate the Baytree Lakeside assisted-living facility in St. Petersburg. The exact lease sale price was not disclosed, but was said to be three times the facility's cash flow, which was also undisclosed.
The seller, Taterik Properties LLC, had four years left on a five-year lease option. The buyer says it expects to exercise an option to purchase the facility, located at 6411 46th Ave. N., St. Petersburg, sometime in the next four years.
The assisted-living facility features 47 units and 70 beds.
Kenneth Carriero and Damien Carriero of Colliers National Seniors Housing Group handled the transaction.
Carriero says Morningstar Senior Living operates several other facilities that specialize in mental health issues.
“One reason why they wanted to take a look at this one, was they wanted to get back into geriatric housing of elderly senior citizens with no or very limited mental health services except for memory care,” Carriero says.
The center was 85% occupied at the time of the sale.
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