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PGIM Real Estate and Grand Living Management acquire Orlando senior housing community
NEWARK, N.J., Oct. 3, 2024 – PGIM Real Estate and Grand Living have entered into a joint venture partnership to acquire Oakmonte Village at Lake Mary, an independent, assisted living and memory care community in Lake Mary, Florida. Lake Mary is located in the Orlando submarket.
“Senior housing is one of the property sectors where we have the strongest conviction given the growth outlook and structural demographic tailwinds,” said Darin Bright, managing director and head of U.S. core-plus equity, PGIM Real Estate. “The Orlando market in particular exhibits exceptionally strong fundamentals, and we expect to see healthy returns over the next decade.”
The acquisition was made through PGIM Real Estate’s core-plus commingled investment strategy in the U.S.
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Caroline Bligh
“We believe that senior housing is an important component when constructing a diversified real estate portfolio and, therefore, we expect our U.S. core-plus strategy to significantly grow its exposure to senior housing as we increase our investments in the living, healthcare and logistics sectors.”
Bright continued, “We believe that senior housing is an important component when constructing a diversified real estate portfolio and, therefore, we expect our U.S. core-plus strategy to significantly grow its exposure to senior housing as we increase our investments in the living, healthcare and logistics sectors.”
Oakmonte Village offers an ideal location for the senior population, with direct access to the greater Orlando area and Daytona Beach through Interstate 4. It is also located less than five miles from the Orlando Health Emergency Room and Medical Pavilion as well as in the proximity of a number of golf and country clubs. The community is almost 90% occupied and has a total of 351 units across its 23 buildings. Property amenities include a heated outdoor pool with cabanas, private concierge services, and an exclusive lounge, movie theater and fitness center. Following the acquisition, it will be operated as Grand Living Park at Lake Mary.
Grand Living, headquartered in Minneapolis, is a well-respected senior housing operator, owner, and developer. The company’s portfolio consists of communities located throughout Florida, Iowa, and Texas. PGIM Real Estate currently owns five senior housing communities that are operated by Grand Living.
“We are proud of our partnership with PGIM and have full appreciation for our shared values,” said Nikos Westmoreland, Grand Living’s President and Chief Operating Officer. “Our entire team looks forward to serving the wonderful residents and their families in Lake Mary and embracing them into the Grand Living lifestyle.”
Berkadia Seniors Housing & Healthcare provided mortgage banking advisory on behalf of PGIM Real Estate and Grand Living and represented the seller in the transaction.
ABOUT GRAND LIVING
Grand Living is changing the way generations embrace life and is quickly becoming a destination brand in hospitality. Its proprietary signature service model transforms senior living communities into resort-style environments where residents feel valued and well-taken-care-of. With a strong emphasis on concierge-level service, programs that focus on the five universal dimensions of well-being, and wonderful amenities, Grand Living creates an atmosphere of comfort, luxury, and hospitality that makes residents proud to call Grand Living “home”.
ABOUT PGIM REAL ESTATE
With $206 billion in gross assets under management and administration,1 PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). In 41 offices across 18 countries, our more than 1,400 investment professionals serve both retail and institutional clients around the world.
As a leading global asset manager with $1.33 trillion in assets under management,3 PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialized expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
1 As of June 30, 2024. Net AUM is $132 billion and AUA is $47 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.
3 As of June 30, 2024.
For Professional and Institutional Investors only. All investments involve risk, including the possible loss of capital.
PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor.
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