The Real Deal Miami

Health care REIT pays $79M for senior housing in Broward

20-acre development last sold for $63M in 2013

November 04, 2015 11:15AM
By Katherine Kallergis

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Aston Gardens in Parkland

Aston Gardens in Parkland

Health care REIT Welltower paid $78.6 million for a senior housing community in Parkland, Broward County records show.

AG Parkland Senior Housing I, a company managed by Kayne Anderson Real Estate Advisors, sold Aston Gardens at Parkland Commons. The 20-acre development, completed in 2002, includes 325 residential units.

Aston Gardens, at 9401 Aston Gardens Court, last sold for $63 million in 2013, according to Broward County property records. The 349,250-square-foot complex includes a 20,372-square-foot clubhouse. Independent living units range from 710 square feet to 1,500 square feet, while assisted living residences start at 322 square feet and go up to more than 700 square feet.

Discovery Senior Living manages and operates the Parkland facility, according to the community’s website.

Toledo, Ohio-based Welltower assumed the seller’s nearly $58 million mortgage, Broward County records show. Welltower, formerly Health Care REIT, primarily invests in assisted living facilities and other forms of housing and medical facilities for senior citizens. Its stock was trading at $64.98 as of 10:22 a.m. on Wednesday.

Los Angeles-based Kayne Anderson is an investment firm that manages more than $22 billion in assets across industries such as energy, real estate, credit and specialty growth capital, according to its website.