PrivCap sells assisted living facility in Hollywood for $10M

Property last traded for $5.7M eight years ago

Midtown Manor at 2001 Polk Street (Google Maps)
Midtown Manor at 2001 Polk Street (Google Maps)

PrivCap Companies sold the Midtown Manor assisted living facility in Hollywood for $9.7 million.

Boca Raton-based PrivCap, through affiliate Midtown Manor Holdings, sold the property at 2001 Polk Street to Midtown Al Propco, led by Moshe Soskin and Joseph Hirsch, according to a deed. The buyer took out a $7.5 million loan from Israel Discount Bank of New York.

Property records show Midtown Manor, built in 1972, totals 27,270 square feet on a half-acre lot.

PrivCap, a boutique real estate investor led by Daniel Cohen, bought the property in October 2003 for $5.7 million, according to a deed.

Soskin and Hirsch, listed as managers of Delaware-registered Midtown Al Propco, also are affiliated with Merriment Manor Retirement Home at 1835 Wilson Street in Hollywood.

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Senior living and assisted living facilities are prime real estate in South Florida and the rest of the Sunshine State.

ZOM Senior Living and Watermark Retirement Communities are partnering on two senior living projects, 196-unit Watermark at Merrick Park in Coral Gables, and 154-unit Watermark at West Palm Beach. They bought the Coral Gables development site for $20 million in July.

The pandemic has hit nursing homes particularly hard, but deals continue. In December, New York-based real estate investment firm Eagle Arc bought the 99-bed Boynton Health Care Center near Boynton Beach, and the 120-bed Royal Palm Beach Health and Rehabilitation Center in Royal Palm Beach for a combined $36.4 million.

In October, PrivCap bought the 111-unit assisted living facility at 6810 Southwest 7th Street in Margate for $7 million.