Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced the sale of Parkside Assisted Living and Memory Cottage, a 93,105-square-foot seniors housing property located in Port Charlotte, Florida, according to Joe Powers, regional manager of the firm’s Chicago Downtown office.
Michael Turkiewicz, an associate and investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a local private investor. The buyer, a Texas-based investor, was also secured and represented by Turkiewicz. Ryan Nee, Florida Broker of Record, assisted in closing this transaction.
The purchaser is an affiliate of McFarlin Group located in Dallas, Texas, which develops, owns, and asset-manages senior housing communities throughout the Sun Belt states. McFarlin Group acquired the community, leveraging its distressed asset fund which seeks to create value through purchases well-below replacement cost.
McFarlin Group’s Josh Rosen states, “We are excited about our first investment in Florida and look forward to growing our footprint throughout the state and the region.”
Parkside Assisted Living and Memory is located at 2595 Harbor Boulevard in Port Charlotte, Florida, and will be managed under the Solterra Senior Living brand. The state-licensed assisted living facility community has 65 units and 94 beds.