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South Florida

REIT buys senior center for $52 million

Allegro at Abacoa
Allegro at Abacoa

A Pennsylvania real estate investment trust acquired a senior living center in Palm Beach County for its second such major acquisition in the area.

An affiliate of the Jenkintown-based American Realty Capital Healthcare Trust paid $51.78 million for the Allegro at Abacoa in Jupiter, a 145-unit facility at 1031 Community Drive, according to the South Florida Business Journal. It was built in 2012.

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The seller is part of St. Louis-based Allegro Senior Living and the Love Cos., according to the report.

Also this month, ARHC bought the NuVista Living at Wellington Green skilled nursing and assisted living facility in Wellington for $41 million. [South Florida Business Journal] – Jennifer White Karp