Memory-Care Community Rosecastle at Deerwood Sells in Jacksonville, Florida

April 1, 2024

JACKSONVILLE, FL — Senior Living Investment Brokerage has announced its facilitation of  the sale of Rosecastle at Deerwood in this northeastern Florida city. The community was originally designed as a stand-alone memory care with 60 units, but due to slower than expected lease-up, the operator converted 20 of the units into assisted living. Rosecastle at Deerwood was built in 2015 on nearly 3.5 acres.

The seller was a senior housing and healthcare-focused real estate investment trust (REIT), while the buyer was a Florida-based owner.

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There were multiple offers from both regional and national buyers to purchase this Florida community.

“The asset improved significantly throughout the marketing process and should be a strong performer as this submarket continues to absorb the newly constructed assets,” said SLIB Managing Director Bradley Clousing.