The Real Deal Miami

Massachusetts REIT pays $17.1M for Boynton Beach assisted living facility

By Alexander Britell | August 17, 2011 04:06PM

Newton, Mass.-based Senior Housing Properties Trust has paid $17.15 million for the Barrington Terrace, an assisted living facility in Boynton Beach, according to a deed filed yesterday in Palm Beach County Circuit Court.

The seller was Greensboro, N.C.-based Bell Partners, through a Florida limited liability company called Boynton Beach AL. Bell, which was founded in 1976, is a real estate investment company focused on acquiring apartment communities, and currently manages over 60,000 homes in the Southeast.

The sale was part of a 26-property, $300 million portfolio sale to Senior Housing, according to John Bell, president of Bell Partners. Of those properties, this was the 23rd to close.

“It was a good property for us in Boynton Beach,” he said. “The [portfolio] sale is closing in multiple traunches, and there are still three more properties to close by year end.”

The 154-unit Barrington Terrace is located at 1425 South Congress Avenue.

Bell originally paid $10 million for the property in 2005, according to the Palm Beach County Property Appraiser.

The Senior Housing Properties Trust owns more than $4.1 billion of senior living properties in the United States, with four communities in South Florida.

Senior Housing representatives could not be reached for comment.