Sunrise affordable senior housing facility sells for $30M

The property sold for $239,837 per unit

5010 Nob Hill Road (Credit: Google Maps)
5010 Nob Hill Road (Credit: Google Maps)

A group tied to the Jewish Federation of Broward County sold an affordable senior living facility in Sunrise for $29.5 million.

Federation Housing, tied to Michael Balaban, president and CEO of the Jewish Federation of Broward County, sold the 123-unit property at 5010 Nob Hill Road for $239,837 per unit, records show. A company tied to Orlando-based Affordable Housing Institute purchased the property, known as Aaron and Frances Levey Senior Residences.

The facility was built in 1992. It totals 84,336 square feet.

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Affordable Housing Institute secured a $33 million loan from the Housing Finance Authority of Broward County to acquire the property, records show.

Affordable Housing Institute, which has offices in Charlotte, North Carolina and Orlando, is led by Bryan Hartnett, who oversees acquisitions and new development of multifamily projects. He previously worked for Florida Housing Finance Corp., where he was the Multifamily Bond Program Administrator, according to the firm’s website.

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.