Fortress Investment Group announced that funds managed by its affiliates have acquired Tuscan Gardens of Palm Coast, a 130-unit senior living community located in Palm Coast, Florida. The property provides assisted living, enhanced assisted living, and memory care services and will continue to be operated by AgeWell Solvere Living, which has managed the community since 2023.
Tuscan Gardens of Palm Coast opened in 2018 and is situated on an 11-acre campus approximately one mile from the Atlantic Ocean. The community offers a continuum of senior care services including assisted living, enhanced assisted living, and memory care, and serves an affluent and growing senior population along Florida’s northeast coast.
The operator has improved occupancy and operating performance at the property since assuming management responsibilities. The campus features multiple dining venues, wellness and fitness amenities, landscaped courtyards, and individualized care programs tailored to residents’ needs.
Fortress said the acquisition expands its seniors housing portfolio and reflects the firm’s continued focus on investing in well-located, high-quality senior housing assets with strong demographic tailwinds and limited new supply.
KEY QUOTE:
“We are pleased to expand our seniors housing portfolio through the acquisition of Tuscan Gardens of Palm Coast. This is a high quality asset in a supply constrained, demographically attractive market. We look forward to working with AgeWell on the ongoing execution of the plan to deliver exceptional care and hospitality to residents and families. This acquisition reflects Fortress’s continued commitment to investing in well located, high quality senior housing assets that we believe have significant long-term growth potential.”
Peter Stone, Head Of Healthcare Real Estate Equity, Fortress Investment Group
