Welltower sells Parkland senior housing project at sharp discount

It’s the second large senior housing facility in South Florida to sell at a discount during the coronavirus pandemic

Miami /
May.May 12, 2020 01:30 PM
9401 Aston Gardens Court, Welltower CEO Thomas J. DeRosa (Credit: Google Maps)

9401 Aston Gardens Court, Welltower CEO Thomas J. DeRosa (Credit: Google Maps)

Welltower sold a Parkland senior housing facility for $55.7 million, a steep discount from its last sale price nearly five years ago.

Toledo, Ohio-based real estate investment trust sold the 349,250-square-foot facility at 9401 Aston Gardens Court to Kayne Anderson Capital Advisors for $159 per square foot, records show.

The facility, Aston Gardens Assisted Living Parkland, last sold for $78 million in November 2015, records show. The senior housing facility was built in 2002, records show.

Stocks of REITs with South Florida senior housing projects in their portfolios and those of 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.

In late April, Healthpeak Properties sold a senior living facility in Lantana for 60 percent less than its last sale price in 2006.

Los Angeles-based Kayne Anderson has been buying properties in South Florida during the coronavirus pandemic.

In April, Kayne Anderson Capital Advisors bought a medical office complex in Lake Worth Beach for $7.3 million. The company also bought a self-storage facility in West Palm Beach in April for $14.5 million.

Kayne Anderson, an alternative investment management firm, has $6 billion in assets under management. It focuses on infrastructure, real estate, credit and private equity, according to its website. The firm has an office in Boca Raton.


Related Articles

arrow_forward_ios
Lennar Executive Chairman Stuart Miller (iStock)

“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results

“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida

Rent-to-own startup Divvy Homes expands to South Florida

Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)

Knock expands home lending program into South Florida 

Knock expands home lending program into South Florida 
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Mark Zilbert

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)

Home sales dropped big time in South Florida in April

Home sales dropped big time in South Florida in April
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...