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HREI
Healthcare Real Estate InsightsTM
January 2015
HREInsights.com
WINNER: BEST POST-ACUTE/
SENIOR LIVING COMMUNITY
With the $16.3 million, three-story, 70,962 square
foot Beach House Assisted Living and Memory
Care community in Jacksonville Beach,
Fla., Prevarian Cos. overcame numerous
challenges to bring much-needed
senior housing to a prime location.
Photos courtesy of Prevarian
Prevarian project hits the beach
Developer seizes opportunity for senior community in desirable Florida location
Facility name: Beach House Assisted
Living and Memory Care
Address, City, State: 1315 2nd Ave., N.,
Jacksonville Beach, Fla.
Client: PSL JAX Beach House, LP
Product type: Senior Living Facility
Number of stories: 3
Square footage: 70,962
Site acreage: 1.51
Parking: 50 spaces
Construction start date: Sept. 1, 2013
Constr. complete date: Oct. 20, 2014
Cost: $16.3 million
Owner: PSL JAX Beach House LP
Developer and property manager:
Prevarian Cos. LP
Architect: Architectural Concepts Inc.
Contractor: The Douglas Co.
Lender: Mutual of Omaha Bank
Property mgr.: Life Care Services LLC
Asset manager: Prevarian Cos. LP
W
hen it comes to choosing a
place to spend the golden years
of one’s life, who wouldn’t want
to be near the beach?
As the winner of the 2014 HREI Insights
Award winner for Post-Acute and Senior
Living Facilities, Best New Ground-Up
Development, the $16.3 million Beach
House facility in Jacksonville, Fla., is
a prime example of an opportunistic
acquisition, a skillful acceleration of a
development timeline and a resulting
senior housing project in an underserved,
desirable community.
Dallas-based Prevarian Cos. LP realized
a great opportunity for a senior assisted
living and memory care facility in highly
desirable Jacksonville Beach, a city just
east of Jacksonville, in March 2012. That
was when a veteran real estate investor
approached the company with a “can’tsay-no” opportunity that he owned: a
development site less than a mile from
the beach in a high-barrier-to-entry
Reprinted from Healthcare Real Estate Insights™ © 2015 with the permission of Wolf Marketing & Media LLC
WINNER: BEST POST-ACUTE/SENIOR LIVING (cont.)
market. This investor had spent two
years entitling the land for a development
that could have up to 100 units of senior
housing. The prime location has an
established base of senior adults who have
moved to the area and intend to stay.
While there are other assisted living and
memory care facilities in the contiguous
Beaches Communities, most of those
facilities are fully occupied, older
construction, or located farther away from
the prime Jacksonville Beach area.
From the developer’s perspective, building
a new community in the Jacksonville
Beach area was worth plenty of effort.
And that’s exactly what Prevarian did, as
it successful appealed a requirement that
the project adhere to previously approved
building and site designs.
Other challenges that Prevarian faced
and overcame included receiving zoning
amendments and a variance to building
setbacks, negotiating an increase in
allowable lot coverage, garnering
neighborhood support and coordinating
NOW OPEN IN JACKSONVILLE BEACH, FLORIDA
A DEVELOPMENT BY
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214.736.7000 ● WWW.PREVARIAN.COM
with FEMA and the city of Jacksonville
Beach to establish flood plain descriptions
and allowable finished floor elevations.
After all of Prevarian’s work, Beach
House opened in October 2014 as the
only all-new, assisted living and memory
care community within the borders
of Jacksonville Beach. As a result of
responsive, regional design and a local,
tailored approach to programming and
operations, Beach House is a community
that has already earned the support and
admiration of residents and officials in
Jacksonville Beach. Its alignment with
the nearby Baptist Beaches Hospital and
other community organizations has further
strengthened its place in the community.