The Real Deal Miami

Israel’s Gazit-Globe sells Boca senior housing facility for $31.5 million

By Alexander Britell | August 21, 2012 12:00PM

The Atrium at Boca Raton assisted living facility has been sold for $31.5 million, according to a warranty deed filed in Palm Beach County Circuit Court. The 160-unit, 103,597-square-foot property is located at 1080 NW 15th Street in Boca Raton’s Pinelands East subdivision.

The buyer was HCRIX Royal, a Delaware-based limited liability company.

The seller was Royal Senior Care, a Florida limited liability company based in North Miami Beach. It lists Sean Kanov and Avi Bittan as managers.

Royal Senior Care is a private subsidiary in which Gazit Senior Care, a wholly owned subsidiary of Israel-based Gazit-Globe, owns a 60 percent interest.

Last week, Gazit announced that Royal Senior Care had reached an agreement to sell the majority of its senior facilities — a total of 1,310 units in the United States. The Atrium was part of that portfolio.

The company said the deal would bring a gain of $18 million with net proceeds of $70 million.

The Gazit affiliate had purchased the property for just $4.5 million in June 2004 from Sunrise Assisted Living. Gazit owns more than 600 properties in 20 countries, with a total asset value of around $19 billion, according to the company’s Web site.