Blackstone buys senior living properties in SoFla for $155M

Biggest deal was $72M sale of Mangrove Bay, 155-unit complex in Jupiter

Mar.March 14, 2017 03:45 PM

Clockwise from left: Mangrove Bay, Presidential Palace and the Atrium at Boca Raton. Inset: Blackstone’s Jon Gray

Blackstone Group bought four senior living properties in South Florida from Welltower Inc. for a combined $154.7 million, property records show. 

Affiliates of Welltower, a Toledo, Ohio-based health care real estate investment trust, sold developments in Boca Raton, Jupiter, Hollywood and Aventura to the private equity firm, records show. The deals are:

  • Mangrove Bay, at 110 Mangrove Way 1101, sold for $71.9 million. The 155-unit complex sits on 6.52 acres in Jupiter. It last sold for $49.4 million in 2012.
  • The Sterling Aventura, at 2777 Northeast 18rd Street in Aventura, sold for $48.9 million, according to the South Florida Business Journal. The 171-unit, 160,517-square-foot building sits on 1.8 acres near the bay. It last sold for $29.9 million, but this latest deal has not yet cleared records.
  • The Atrium at Boca Raton, at 1080 Northwest 15th Street in Boca Raton, sold for $21.8 million. The 103,597-square-foot facility has 160 living units and sits on 2.3 acres. It last sold for $31.54 million in 2012.
  • Blackstone paid $12.1 million for Presidential Place, at 3880 South Circle Drive in Hollywood. The 104-unit, 72,218-square-foot development last sold for $11.6 million in 2012. It sits on 3.2 acres.

The 590-unit purchase breaks down to about $262,200 per unit. Altogether, the properties last sold for a combined $123 million in 2012.

The acquisitions are likely part of a $1.13 billion deal between Blackstone and Brookdale Senior Living Inc. The deal, announced late last year, gives Blackstone a 15 percent interest in a joint venture that’s purchasing a 64-community portfolio leased to Brookdale, among other terms.

In 2015, Welltower paid nearly $79 million for a senior housing community in Parkland, Broward County.

More and more senior housing projects have been trading over the past two years in South Florida. A Margaritaville-branded community was recently announced by Minto Group and Margaritaville Holdings. The Daytona Beach development called Latitude Margaritaville would have 6,900 homes and would cost $1 billion to develop.

In Boca Raton, the $265 million Sinai Residences sold out before construction.

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