In the first week of January Tony Massaro finalized the purchase of a 44 unit rental village, SunnyCove Mandurah, for Ingenia Communities. The village has been part of a portfolio being rationalized by Mike Bosel. Ingenia paid $2.8 million cash or $63,600 per unit which they state delivers a yield of 11% immediately building to 14% over the next 36 months - or an unlevered IRR of 20%+. The Massaro deal is particularly attractive given Ingenia owns a similar village in Mandurah, Seascape Gardens, where the units have been valued at $82,000 each. Replacement cost would be $120,000+. The deal is in line with Ingenias CEO, Simon Owen, strategy to cluster villages geographically for more efficient management. He states they will be announcing more acquisitions over the next few months.
In the Headlines
Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania
Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...
