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.

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