Blackstone sells waterfront assisted living facility in Jupiter at a loss for $41M
February 9, 2022 | Lidia Dinkova | The Real Deal
Blackstone sold the waterfront Mangrove Bay assisted living facility in Jupiter for $41.2 million, a significant loss in value from its purchase price five years ago.
Chicago-based Ventas, a real estate investment trust, bought the 155-unit property at 110 Mangrove Bay Way from a Blackstone affiliate, according to records.
The 190,348-square-foot facility was constructed in 2002 on 6.5 acres, property records show. New York-based Blackstone had paid $71.9 million for the property in 2017.
Mangrove Bay offers independent, assisted and memory care living, according to its website. The largest unit is 1,400 square feet, with rates starting at $4,375 per month.
Amenities include a heated pool, poolside cafe, cocktail lounge, game rooms and a meeting room. The community allows residents to bring their pets. Services include transportation, on-site maintenance, in-house rehabilitation therapy, fitness, activities and social events, according to the Mangrove Bay website. The community was renovated in 2020.
