A company tied to investor Moshe Popack bought the Grand Court Lakes senior living facility near Miami Gardens for $11.5 million.
The New York-based Melohn Group sold the 140-unit facility at 280 Sierra Drive for $82,142 per unit. The building totals 183,828 square feet and sits on 3.4 acres. It was built in 1984.
The Melohn Group is managed by Alfons Melohn. The company previously owned an assisted living facility in Hallandale Beach.
Popack has invested in other property in South Florida. In 2017, he bought the 97,000-square-foot Executive University Courts, which includes six, two-story interconnected office buildings in Lauderhill. In 2015, Popack sold a Tamarac rental community for $16.3 million. The same year, he and Joseph Popack purchased a nearly 600-unit apartment complex in North Miami for $25.5 million.
With an aging baby boomer generation, developers are betting big on senior living developments in South Florida. Notably, in January, Baptist Health South Florida bought the former development site of The Collection Residences at 250 Bird Road in Coral Gables, with plans to build luxury senior housing.