November 15, 2019
Sale of Tessera of Westchase in Tampa
ESI sold Tessera of Westchase, a 102-unit assisted living & memory care community in Tampa, Florida for $28,750,000 or $282,000 per unit in an asset sale structure.
Opening in the summer of 2019, Tessera of Westchase is a Class A assisted living & memory care facility offering numerous amenities to its residents. This luxurious community features a bistro & bar, a state of the art fitness center, and an upscale salon and spa. Tessera’s proximity to downtown Tampa and St. Petersburg, FL creates a great opportunity for the operator to quickly complete the lease-up of the facility and create a trophy asset.
ESI represented the seller, a real estate investor/developer, in the transaction. Jason Stroiman, President & Founder of ESI, commented “By investing in a newly constructed Class A facility like Tessera of Westchase, the new owner and operator have the opportunity to continue to grow their platform in the Southeast with a flagship asset.”
A publicly traded REIT is the buyer and will bring in a regional operator to operate Tessera of Westchase.