Horizon Bay at Hyde Park sells for $74 million

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.