Addiction treatment center operator pays $12M for Delray Beach apartments

Seller bought apartments in 2004 for $3M

Miami /
Jan.January 21, 2021 10:30 AM
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)

President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)

 

The nonprofit operator of addiction treatment centers paid $12 million for a 46-unit apartment complex near the Delray Beach Golf Club.

Caron Treatment Centers, based in Wernersville, Pennsylvania, bought the “Fairway on the Greens” apartments at 2045 Lowson Boulevard, according to records. The price equates to about $261,000 a unit.

The nonprofit is led by Doug Tieman. It has treatment centers and facilities in Pennsylvania, Florida, Georgia and Washington, D.C.

Caron has operated a residential addiction treatment program at the apartments since at least 2007, according to the Sun-Sentinel. Last year, Palm Beach County approved bonds of no more than $52.8 million for Caron to buy and renovate Fairway on the Greens, as well as construct a medical detox facility at 4675 West Linton Boulevard, according to records.

The seller of the apartments is a company tied to Allan V. Rose of Yonkers, New York-based AVR Realty Company.

The low-rise apartments on more than 3 acres were built in 1962, according to records. Rose bought the apartments in 2004 for $3 million.

Addiction treatment centers and nursing homes have expanded in South Florida amid the pandemic. In the summer, an entity tied to a drug and alcohol addiction treatment provider bought an empty office building in Pompano Beach for $5.9 million.

In October, a healthcare magnate continued his South Florida nursing home buying spree, paying $24 million for a 245-bed facility in North Miami. It marked his sixth nursing home purchase in two years, totaling more than $100 million in deals.

In July, Cortland Partners paid $73.9 million for the Depot Station apartment complex in Delray Beach.






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