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.






    Related Articles

    arrow_forward_ios
    BH3 co-founders Daniel Lebensohn and Greg Freedman (BH3, iStock)
    Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
    Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
    Renderings of Kevlar Gardens (Bellon Architecture)
    Miami-Dade rezoning paves way for 321-unit multifamily project in Homestead
    Miami-Dade rezoning paves way for 321-unit multifamily project in Homestead
    Parc Station
    Out-of-state multifamily buyers eye South Florida
    Out-of-state multifamily buyers eye South Florida
    Azola West Palm Beach and ZOM Living CEO Greg West (Google Maps, iStock)
    ZOM sells West Palm Beach apartments for $48M
    ZOM sells West Palm Beach apartments for $48M
    Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)
    Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
    Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
    Dermot Company's Stephen Benjamin with Seabourn Cove at 3501 North Federal Highway (Linkedin, Google Maps, Seabourn Cove)
    Dermot Co. pays $143M for Boynton Beach apartments
    Dermot Co. pays $143M for Boynton Beach apartments
    Dev Motwani (right) and The Estate Companies' Jeff Ardizon and Robert Suris with renderings of the project
    Estate Companies scores $56M construction loan for Dania Beach mixed-use project
    Estate Companies scores $56M construction loan for Dania Beach mixed-use project
    2625 - 2674 North Andrews Avenue, Wilton Manors (Franklin Street, iStock)
    Wilton Manors mixed-use multifamily complex sells for $11M
    Wilton Manors mixed-use multifamily complex sells for $11M
    arrow_forward_ios

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

    Loading...