The Real Deal Miami

Lauderhill senior community sells for $59.5 million

Seller picks up $18.5 million in net cash, buyer assumes mortgage on Forest Trace
December 05, 2014 02:20PM

sold Forest Trace, a senior living community in Lauderhill was sold for nearly $60 million.

The 73-acre complex at 5500 Northwest 69th Avenue was bought by Pacifica Lauderhill, LLC, an affiliate of San Diego-bases Pacifica Cos., according to a published report.

The gated community has 322 apartments totaling more than 460,000 square feet. It was built in 1990 on land that was purchased for $4 million in 1987, the Daily Business Review reported.

The seller, SG Forest Trace SPE LLC, is affiliated with Cleveland-based Forest City Enterprises, which bought the complex in 2000.

Forest City received $18.5 million in net cash proceeds and the buyer assumed the mortgage, according to a statement from the company. [Daily BusinessReview] — William J. Gorta