The Real Deal Miami

Apollo pays $20M for senior housing complex near Lake Worth

Deal is part of a $428M contract to buy HCP properties
By Amanda Rabines | November 21, 2018 03:30PM

Leon Black of Apollo Global Management and Brookdale Lake Worth

Healthcare real estate investment trust HCP just sold one of its senior housing complexes near Lake Worth for $20 million, property records show.

Apollo Global Management bought the Brookdale Lake Worth independent living facility at 3927 Hadjes Drive as part of a larger $428 million deal. The New York firm is under contract to buy 22 properties from HCP, totaling 2,781 units. Another one of the properties is in Florida’s Pinellas County.

Records show Apollo financed the Florida deals with an $89.77 million loan from KeyBank.

Brookdale Senior Living manages Brookdale Lake Worth, which features 170 rentals. The deal breaks down to nearly $118,000 per unit. Brookdale Lake Worth was built in 1986 on a 7.3-acre lot. Residents have access to certain health services as well as a clubhouse and a pool.

Apollo is a private equity firm with $15.4 billion of real assets under management, according to its third quarter report. The company recently announced plans to raise at least $1 billion starting in January for a new real estate investment fund.

Irvine, California-based health care REIT HCP has been selling off its properties in Florida. In April, it sold a 317-unit senior housing community in Palm Beach Gardens for $74.5 million to Brookdale.