Allegro Senior Living Fleming Island has sold for $38 million in a Northeast Florida healthcare real estate transaction. Denver-based Healthpeak Properties Inc. acquired the Clay County community, expanding its portfolio while marking the second Allegro-affiliated senior living property in the region to change ownership in recent months.
Key takeaways
- Healthpeak Properties acquired the Fleming Island community for $38 million.
- The 102,786-square-foot property is located on U.S. 17 in Clay County.
- The sale follows the $54 million purchase of Allegro Senior Living St. Augustine in July.
- Allegro Living no longer lists either Northeast Florida community in its online portfolio.
Fleming Island community changes ownership
The property at 3651 U.S. 17 was sold through KAPG Fleming Island Senior Housing OpCo LLC, according to property records. Healthpeak completed the acquisition through Fleming Island Propco LLC 1, continuing a broader trend of healthcare-focused investment in senior housing and related real estate.
The Fleming Island community measures 102,786 square feet and has been associated with Allegro Living, a senior living operator that manages independent living, assisted living and memory care communities nationwide. Allegro’s portfolio includes approximately 50 communities across the United States.
Second Allegro-affiliated sale in Northeast Florida
The transaction follows the July sale of Allegro Senior Living St. Augustine in St. Johns County for $54 million. That community also totals 102,786 square feet and was acquired by Healthpeak through St. Augustine 1 LLC, according to property records.
The two transactions give Healthpeak ownership of two senior living communities affiliated with Allegro in Northeast Florida. The purchases also represent a significant expansion of the company’s local healthcare real estate holdings.
Healthpeak expands healthcare real estate presence
Healthpeak Properties is an S&P 500 real estate investment trust founded in 1985. The company owns, operates and develops healthcare-focused properties, including outpatient medical facilities, hospitals and life science campuses.
Its national portfolio includes the UF Health North Medical Building in Jacksonville, Baylor Scott & White Charles A. Sammons Cancer Center and the Medical City Dallas Hospital Campus in Texas, as well as life science properties in California and Massachusetts.
The Fleming Island acquisition adds senior living to Healthpeak’s Northeast Florida presence, complementing its existing healthcare-related holdings in the region.
Allegro presence ends at the two properties
Neither Fleming Island nor St. Augustine appears on Allegro Living’s current online community portfolio following the sales. The properties’ websites and phone numbers were also no longer active after the ownership changes, indicating that the communities may be transitioning away from their former branding and operating arrangements.
The sales underscore continued investor interest in senior living real estate, particularly properties that combine multiple care levels and serve established suburban markets such as Clay and St. Johns counties.
Sources
- Allegro Senior Living Fleming Island sells for $38 million, Jacksonville Daily Record.