Former Assisted Living Community was sold as Alternate Use in booming St. Petersburg.
ST. PETERSBURG, Fla., February 12, 2019 (Newswire.com) - Seniors housing real estate developer and investment firm, Gold Standard of Care announced the sale of its sixty-unit property, formerly operating as an assisted living facility, “Renaissance Gardens,” at 2349 Central Ave, to local area hotelier in St. Petersburg, Florida.
Gold Standard of Care acquired the mid-rise building in November 2011 and made several key additions and enhancements to the property. Substantial renovations to the common areas and individual units were completed in order to add value to the resident’s lifestyles and the community at large. With the area undergoing rapid gentrification, the property better lends itself as originally built, a hotel.
“The Central Ave property was a meaningful experience for Gold Standard of Care because we got to experience St. Petersburg and its culture of success,” said Michael Verbitsky, founder of this steadily growing and experienced seniors housing development firm. “We’re pleased to have been able to transform this building from a lazy asset, to a robust community filled with vigor and years of potential for future use and enjoyment for the Buyer's group.”
Gold Standard of Care is actively pursuing more value-add opportunities in central Florida and the extended Bay area. With the company’s nearby assets in Tampa and Orlando, Gold Standard of Care looks to leverage its existing resources and build upon local knowledge.
About Gold Standard of Care, LLC
Gold Standard of Care is a dynamic senior housing real estate development company providing value to seniors and its shareholders through investment opportunities and development in affordable seniors housing.
A private company whose founders are deeply rooted in their mission with turning around underperforming healthcare assets and adding great value to communities by uncovering the unique potential through their combined years of experience in both healthcare and real estate industry.
Founded in 2008, the Florida based group own, manage and lease assisted living communities throughout most major cities throughout S. Florida.
Source: Gold Standard of Care