Royal Senior Care closed on the site of a planned senior living development in south Miami-Dade, next to a Jackson Health System hospital.
Property records show RSC Coral Reef PropCo LLC paid $7.55 million for the 12.9-acre site on 97th Avenue behind Southwest 152nd Street. The seller is HTA-Miami Dade Land LLC, an affiliate of Healthcare Trust of America, a medical office real estate investment trust.
Royal Senior Care, based in Aventura, is planning to build a 200-unit senior living campus with independent living, assisted living and memory care across three buildings with amenities, according to an executive of the company. The developer plans to break ground this summer and open in early 2022.
The project will be built next to a $21.6 million, 51,000-square-foot medical office building that Healthcare Trust of America is developing. It’s between Coral Reef Senior High School and Jackson South Medical Center, west of U.S. 1.
Senior living is a booming business, especially in South Florida. In 2018, Atria Senior Living and the Related Companies formed a joint venture to operate more than $3 billion in luxury senior living facilities in major metro markets.
Last month, Healthpeak Properties sold a senior living development in Boynton Beach to White Oak Global Advisors’ White Oak Healthcare Finance for $56 million.
Royal Senior Care, led by CEO Avi Bittan, develops, owns and manages senior living campuses in Davie, Lake Mary, Aventura, Tampa, Georgia and South Carolina, according to its website.