Healthpeak sells senior housing facility in Lantana at huge discount

Healthpeak Properties sold a senior living facility in Lantana for 60 percent less than its last sales price in 2006.

Irvine, California-based Healthpeak Properties sold the 172-unit Meridian at Lantana at 3061 Donnelly Drive for $12.35 million or $71,802 per unit, records show. San Diego, California-based Pacifica Companies bought the property.

The property last sold for $31.5 million in July 2006, records show. The facility was built in 1986 and sits on 5.3 acres.

Healthpeak Properties also owns the 280-unit Atria at Willow Wood at 2855 West Commercial Boulevard in Fort Lauderdale where seven residents have died due to coronavirus, according to the Sun Sentinel. The company is a real estate investment trust and owns over $20 billion of real estate, according to its website.

In December, Healthpeak Properties sold a senior living development in Boynton Beach for $56 million.

Stocks of REITs with South Florida senior housing projects in their portfolios and other senior housing developers are taking a nosedive due to coronavirus, and some industry experts believe there will be signs of distress in the coming months.

A World Health Organization study found that those aged 65 and older are six times more susceptible to infection by Covid-19 than people 15 to 44 years old, and the Covid-19 fatality rate has been far greater for the elderly.