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Follow the latest news and updates from SP Venture Partners!
08/01/2024
SP Venture Partners Closes on 2 Property Workforce Housing Portfolio
St. Petersburg, FL- SP Venture Partners, a family office backed real estate investment firm, has partnered with MPI Family Office in the acquisition of VIVO Omaha and VIVO Kissimmee. VIVO Omaha is a 136-unit workforce housing community located in the Miracle Hills submarket of Omaha, NE. VIVO Kissimmee is a 223-unit workforce housing community located in the Orlando MSA bedroom community of Kissimmee, FL. This marks SP Venture Partners’ first multifamily acquisitions of 2024. SP Venture Partners and MPI Family Office plan to rebrand both properties.
Both communities were converted from hotels to workforce housing starting in 2021. VIVO Omaha features a mix of studio and 1-bedroom units while VIVO Kissimmee comprises largely of studio units. Both properties feature a wide range of amenities that include pools and gyms amongst other amenities. These communities are located near major employment and entertainment centers, which allows residents to “Live, Work, Play”.
“Currently, 1-in-5 families across the US are spending over 50% of their income towards housing. This number will continue to grow as the number of seniors with fixed incomes grow. There is currently a dichotomy between how much housing costs have increased and how little incomes have grown over the past two decades. One of the goals of SP Venture Partners is to provide housing options to individuals and families that have a hard time finding housing that is newly renovated, highly amenitized, and located near major job centers. Both VIVO Omaha and VIVO Kissimmee check these boxes.” says Sean Coughlin, Partner of SP Venture Partners
SP Venture Partners’ partner in this investment is MPI Family Office, which is a consortium of family offices. Its principals have had success building and operating businesses for over 30 years. Peter Habib, Principal Member of MPI Family Office adds “Our family office has seen first-hand the rapid increase of housing costs across the US over the past decade, which has led to a shortage of readily affordable housing for many families, especially those on fixed incomes. As the need for workforce and affordable housing grows, we will continue to acquire apartment communities to provide a solution for those in need.”
01/16/2024
SP Venture Partners Closes on Its First Senior Housing Acquisition of 2024
Real Estate Investment forms joint venture partnership with senior housing operator
St. Petersburg, FL- SP Venture Partners, a real estate investment firm back by a consortium of family offices, has partnered with Lloyd Jones and it’s sister company, Aviva Senior Living, in the acquisition of Brightview Baldwin Park. Brightview Baldwin Park is a 139-bed independent living, assisted living, and memory care community in Staunton, Virgina (Charlottesville, VA MSA). This marks SP Venture Partners’ first senior housing acquisition of 2024. The property was purchased from Brightview Senior Living and will operate under the Lloyd Jones proprietary Aviva brand as AVIVA Baldwin Park.
Originally built in 1987 and subsequently refurbished in 2003, AVIVA Baldwin Park includes two separate three-story structures on a sprawling fifteen-acre estate. The southern building houses 85 independent living units, and the northern building accommodates the remaining 51 assisted living and memory care units. Property amenities include a well-stocked library, beauty and barber shop, community fireplace, and updated fitness center. The property features an expansive courtyard where residents can enjoy an outdoor trail with picturesque views of the Blue Ridge Mountains and Shenandoah Valley.
“This is a beautiful property in a beautiful area of Virginia. We hope to continue to serve the surrounding communities with exceptional senior living. To expand the excellent reputation of Baldwin Park, we have an experienced and loving on-site team in place, backed by the full resources of both AVIVA Senior Living and Lloyd Jones,” says Christopher Finlay, Chairman and CEO of Lloyd Jones.
With a $3.1M capital renovation budget, the Lloyd Jones team plans to focus on significant upgrades to the northern building to match the recently updated southern building. The team also aims to introduce its signature technology package that includes keyless door locks, resident safety pendants, and new property camera systems to enhance the security of the residents.
The Lloyd Jones partner in this investment is SP Venture Partners, a real estate investment firm that focuses on making tax-efficient Co-GP investments alongside seasoned operating partners in multifamily and senior housing. Its founders have a proven track record of investing and managing $125 million of equity across $1.5 billion of real estate. This experience has given SP Venture Partners the ability to formulate and implement a comprehensive due diligence process on the operating partners it invests alongside. Peter Powers, co-founder of SP Venture Partners adds “My partner, Sean, and I both grew up with families that owned businesses that served seniors and have seen the increased need to provide senior housing that allows seniors to continue living fulfilling lives.”
