Aventura senior living facility sells for $23M

Memphis-based SilverTree Residential is the buyer

Jan.January 24, 2019 12:30 PM

Imperial Club at 2751 Northeast 183 Street, Silvertree Residential

SilverTree Residential paid $22.9 million for an Aventura senior living facility, property records show.

Memphis-based SilverTree Residential bought the 186,965-square-foot building known as the Imperial Club at 2751 Northeast 183 Street for about $123 per square foot. Affordable Community Housing Trust Alpha led by Joe Palen of Edmond, Oklahoma, sold the property.

The housing complex last sold in 1992 for $14.1 million. The building has 213 units and 14 floors and offers both independent and assisted living.

The buyer, Imperial Club LP, took out a $28.6 million mortgage from SunTrust to buy the property. Property records show that Paul Ponte of First Baptist Housing of Bridgeport is also tied to the acquisition.

SilverTree Residential serves more than 6,100 residents of senior and family apartment homes around the country, according to its website. The company did not immediately return a request for comment on the deal.

Developers and investors are seeking to build new senior living facilities in South Florida to keep up with growing demand.

Welltower, a healthcare real estate investment trust, paid $130 million for a senior living community in Boca Raton last April.

In Weston, Palace Group secured a $95 million construction loan for a luxury 320-unit senior living complex.

Related Articles

21440 Biscayne Boulevard and listing broker Jonathan Molano

Opportunity Zone site in Aventura hits market, could trade for $100M, broker says

Matthew Rieger and a rendering of Village View

HTG scores financing for Fort Lauderdale senior affordable housing

Elliot Eisenberg and his Aventura condo

Telling move: Housing expert relocating to South Florida for tax savings

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

A rendering of Via Ventura and Stuart Miller (Credit: Lennar)

Lennar sells off part of its Via Ventura community

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Rendering of The Residences at Equality Park and Stephanie Berman

Financing in hand, Florida’s first LGBTQ+ senior housing development breaks ground