The opportunity was comprised of the recently renovated Ormond Beach property and ground-up development in Deltona. The operator had utilized the affordable model by leveraging Florida’s robust Managed Medicaid program, resulting in stabilization in well under a year. The model also yielded above average operating margins for seniors housing communities.
Blueprint effectively demonstrated the unique affordable model Gold Choice employed, along with the upside in expanding the Ormond Beach community by an additional 22 units. The selected buyer was a private ownership group that retained the current operations team.
The offering sold for $20 million or $204,000 per unit. Trent Gherardini, who specializes in Florida transactions, led the deal.