Foundry Commercial’s Seniors Housing Venture Acquires 84-Unit, 72,000-Square Foot Asset in Jacksonville Beach, FL
Posted on March 10, 2021
Jacksonville Beach, Fla. (March 10, 2021) – Foundry Commercial, a full-service real estate services and investment firm, today announced the closing on the acquisition of Beach House Assisted Living & Memory Care, a seniors housing community in Jacksonville Beach. The acquisition marks the first seniors housing property transaction in Florida completed as part of the recently formed real estate joint venture with Fundamental Advisors LP (“Fundamental”), a leading alternative asset manager focused on municipal, public purpose, and community assets.
Beach House Assisted Living & Memory Care is an 84-unit, 100-bed seniors housing community containing 64 assisted living units and 20 memory care units. The joint venture plans to invest significant refresh capital around both interior and exterior portions of the building.
“Beach House is a vibrant, modern community providing residents of Jacksonville Beach with a local option for [high-]quality care. Along with our operating partner Foster Senior Living, we look forward to being a leader when it comes to senior living and care options in the heart of Jacksonville Beach. We are excited to welcome this location to our family of communities,” said Kevin Maddron, Healthcare Principal for Foundry Commercial.
Fundamental, in partnership with Scribner Capital, provided the joint venture equity for the acquisition. Bradley Clousing, Matthew Alley, and Jeff Binder of Senior Living Investment Brokerage represented the seller.
Foundry Commercial’s senior housing management platform, FSL Senior Living Ventures, LLC, which was formed in partnership with Missouri-based Foster Senior Living in June 2020, will manage the community on behalf of the joint venture. The property is the seventh community currently operated by FSL Senior Living Ventures, with other assets located in Nebraska, South Carolina, and Kansas.
FSL Senior Living Ventures acquires, develops, and manages seniors housing assets across the United States. The joint venture is an integral part of Foundry Commercial’s Healthcare platform, which offers a combination of in-depth sector knowledge, long-standing relationships with premier owners of seniors housing real estate, as well as a 380+ employee organization providing services to some of the most well-known names in real estate ownership.
More information about Foundry Commercial’s senior housing and healthcare portfolio can be viewed at foundrycommercial.com/healthcare or by contacting Kevin Maddron at Kevin.Maddron@foundrycommercial.com.