Meridian Senior Living buys community near Boca Raton for $61M
154-unit senior living facility was built in 2018; property last sold in 2014 for $4.5M
A company tied to Meridian Senior Living paid $60.9 million for a community near Boca Raton.
Property records show CHH GD Boca Realty LLC, managed by Kenneth Assiran, sold the 154-unit senior living facility at 21865 Ponderosa Drive to SOMH Boca Raton Holdings LLC. The buyer financed the deal with a $45 million loan from Capital One.
Assiran is managing principal of Capital Health Group, according to its website. The real estate development and investment firm focuses on independent, assisted living and memory care facilities.
The property, renamed The Meridian at Boca Raton, offers assisted living and memory care services. Meridian Senior Living is managing the complex. The 6-acre property was developed and completed in 2018, according to property records. It last sold in 2014 for $4.5 million.
Senior living has become a huge business, especially as baby boomers are expected to outnumber kids by 2035, according to the U.S. Census.
Developers and investors are increasingly building and trading senior living facilities in South Florida.
In August, a partnership between MRK Partners and R4 Capital bought a Deerfield Beach senior living facility for $24 million. A month earlier, AEW Capital Management sold a 120-unit senior living facility in Cooper City to Artemis Real Estate Partners for $37.5 million.
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. The first project will be at 250 Bird Road in Coral Gables.