The Real Deal Miami

Brookdale pays $75M for Palm Beach Gardens senior living

HCP sold the property for $235k per unit
By Amanda Rabines | April 05, 2018 02:36PM

Brookdale Palm Beach Gardens and Brookdale’s Cindy Baier (Credit: Brookdale Palm Beach Gardens)

Brookdale Senior Living just paid $74.5 million for a 317-unit senior housing community in Palm Beach Gardens, property records show.

An affiliate of HCP Inc., an Irvine, California-based health care real estate investment trust, sold Brookdale Palm Beach Gardens at 11381 Prosperity Farms Road. Brookdale, a publicly traded senior living operator, paid about $235,000 per unit for the Palm Beach Gardens property.

The company financed the deal with a $139 million loan from Grandbridge Real Estate Capital for multiple properties. The acquisition is likely part of HCP’s larger $275 million sale of six of its properties to Brookdale. The deal, announced late last year, also gives HCP a 10 percent interest in two joint ventures for $99 million.

HCP paid $58.61 million for the 22-acre development in 2004. It’s just south of PGA Boulevard.

Senior living has attracted significant investment in recent weeks. The Palace Group scored a $95 million construction loan for a new senior living complex in Weston. Welltower also recently paid $130 million for a senior living community in Boca Raton.