Gold Standard of Care sold a senior housing facility in Lake Worth for $6.2 million amid growing investor interest in such developments in South Florida.
Fort Lauderdale-based Gold Standard of Care of Greater Palm Beach County sold the 70-unit building at 6026 Old Congress Road for $88,571 per unit, records show. COPB Estate LLC, which is managed by Anne Agostini of Sunrise, sold the senior living facility known as Colonial Assisted Living.
Gold Standard of Care, which is led by Michael Verbitsky, had purchased the property in 2014 for $3.9 million, records show. The building was constructed in 1977.
The buyer, COPB Estate LLC, secured a loan from Bank Leumi for $6 million, records show.
Assisted living units at the facility starts $2,500 a month, according to care.com.
Palm Beach County is a popular destination for senior living development. In December, Denver-based Grand Peaks Properties paid $21.4 million for a 252-unit affordable senior living facility in West Palm Beach. In 2016, KA Real Estate paid $38 million to buy a newly completed 120-unit assisted living and memory care facility in Palm Beach Gardens.