Arbor Terrace Citrus Park, a 139-unit senior living community in northwest Hillsborough County, has sold for $38.5 million to an affiliate of Principal Real Estate Investors.
The community, at 13810 Sheldon Road, opened in 2018 and includes about 173,000 square feet across two four-story buildings on roughly nine acres. The seller was Citrus Park IL LLC, an affiliate of Santa Rosa Beach-based Rookis Development.
The community offers independent living, assisted living, memory care and specialized dementia care through its Bridges Neighborhood program.
For Principal Real Estate, the deal adds another Florida property to a portfolio that spans more than 230 real estate assets in 10 countries. The Des Moines, Iowa-based investment manager invests in a range of commercial property types, including senior housing.
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The buyer also took over about $31.1 million in existing Freddie Mac debt tied to the property instead of replacing it with new financing. The assumed debt consists of two loans with outstanding balances of about $27.8 million and $3.3 million.
The purchase comes as investors continue seeking healthcare-related real estate in Florida, where continued population growth and an aging population are expected to support long-term demand. Those demographic trends have helped keep the state a focus for institutional investors looking for stable, income-producing healthcare assets.
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