Senior Housing Platform
At Big Rock Partners, we’ve created a vertically integrated seniors housing platform. With institutional knowledge and decades of experience acquiring, developing, redeveloping and operating healthcare real estate, we have the know-how and access to capital to deliver the seniors housing experience that discerning customers are demanding now and in the future.
Every project gets the full attention of our broad team of experts. We have the institutional experience of a large firm with the eye for detail, focus and creative mindset of a boutique firm. A great example of how our broad skill set came into play to benefit a community, a local government and our investors is our latest deal in Tampa, Florida, where we lifted University Village, a dated and overleveraged privately owned continuing care retirement community (CCRC), from bankruptcy.
Big Rock Partners worked with the State of Florida, spearheading the formation of a nonprofit entity able to secure $70 million in tax-exempt and taxable fixed-rate bonds. The nonprofit Tampa Life Plan Village Inc. then engaged BRP Senior Housing Management to manage the community and provide development services. Renamed Unisen Senior Living, the 491-unit independent living community, with a $25 million renovation, is poised to bring the advantages of a CCRC to a broader market.
Acquiring the property at a low cost basis allows the owners to update the community, add the latest amenities and resolve longstanding issues. As a result, it is now positioned as a much-needed modern, middle-market product. While Unisen Senior Living is a different breed of product, it will compare favorably in terms of lifestyle and quality of finishes to the upscale senior housing rental communities we’ve developed for our own portfolio in recent years.
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