AEW Capital Management sells senior living facility in Cooper City

Boston-based AEW Capital sold the 93,045 sf property for $403 psf

Jul.July 05, 2019 04:00 PM
Artemis Capital’s Deborah Harmon, Sheridan at Cooper City

Artemis Capital’s Deborah Harmon, Sheridan at Cooper City

AEW Capital Management sold a 120-unit senior living facility in Cooper City to Artemis Real Estate Partners for $37.5 million.

Boston-based AEW Capital sold the 93,045-square-foot property at 2580 Pine Island Drive for $403 per square foot, records show.

The senior living facility is known as the Sheridan at Cooper City. The center provides assisted living and memory care with units starting at $4,000 a month.

Amenities at the development include a barber shop, a card room, a private dining room, and an internet lounge. AEW Capital purchased the site for $2.5 million in 2015 and built the senior care facility in 2017.

Artemis Real Estate took out a $23.4 million loan to acquire the property, records show.

Artemis Harmon, along with Penny Pritzker, co-founded Artemis Real Estate Partners in 2009. The real estate investment firm manages $4.3 billion of institutional capital. AEW invests in real estate throughout the world and had close to $75 billion in assets under management in 2018, according to its website.

The firm is active in South Florida. In 2017, Chicago-based Senior Lifestyle and AEW Capital Management sold a 310-unit luxury senior living complex at 450 East Ocean Drive to an affiliate of Bridge Investment Group for $77.2 million.

Investors are increasingly buying senior living facilities in South Florida as baby-boomers are getting older and relocating. Some developers are building luxury senior living.

Earlier this year, Baptist Health South Florida and Belmont Village Senior Living formed a joint venture to develop senior living centers in Coral Gables and elsewhere in South Florida. Baptist and Houston-based Belmont plan to develop their first South Florida senior living project at 250 Bird Road in Coral Gables.

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