Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress also bought a senior center in Coconut Creek last week for $12M
Healthpeak Properties sold three Palm Beach County facilities that offer assisted, independent and memory care living for a combined $29.3 million.
Deeds show New York-based global investment manager Fortress Investment Group bought the three Sonata-branded centers.
In the biggest deal, the 101-unit facility at 2400 South Congress Avenue sold for $11.4 million. It was built in 1999 on 4 acres and last traded in 2003 for $6.5 million, records show.
Healthpeak also sold the 94-unit facility at 15020 East Tranquillity Lake Drive near Delray Beach for $9.5 million. It was built in 2000 on 4.6 acres and last traded in 2002 for $5.8 million.
The smallest deal was the $8.4 million sale of the 88-unit center at 9591 Yamato Road near Boca Raton. It was built in 2000 on 4 acres and last traded in 2001 for $9.7 million.
The deals come on the heels of Fortress buying a Sonata facility at 4175 West Sample Road in Coconut Creek from Denver-based Healthpeak Properties last week for $11.9 million.
It is not clear if the sales are part of a bigger portfolio deal spanning other properties in or outside Florida. Fortress and Healthpeak did not immediately return requests for comment.
Healthpeak, a real estate investment trust led by Thomas Herzog, late last year started selling its $4 billion stable of senior housing properties as part of a portfolio reevaluation, according to McKnight’s Senior Living news website.
Florida, long a prime choice among retirees, enjoys a hot real estate market for both assisted living facilities — which generally provide on-site nurses and other assistance — and senior housing communities, which are restricted to residents over a certain age.
This month, Alliance Residential Company scored a $45.7 million construction loan for a 187-unit apartment complex for seniors west of Delray Beach. And Midtown Al Propco, led by Moshe Soskin and Joseph Hirsch, bought Midtown Manor assisted living facility for $9.7 million in March.