Claridge House, Regents Park at Aventura nursing homes trade for $33M

Deal comes on heels of $35M rehab facility purchase

13900 Northeast Third Court and 18905 Northeast 25th Avenue (Google Maps)
13900 Northeast Third Court and 18905 Northeast 25th Avenue (Google Maps)

The Claridge House and Regents Park at Aventura nursing homes in north Miami-Dade County sold for a combined $33.4 million.

Englewood Cliffs, New Jersey-based CareRite, through affiliates, bought half of the ownership interest of each facility, records show. Two other entities, each managed by Bent Philipson of Spring Valley, New York, bought the remaining stakes in both nursing homes.

Claridge House Associates and Regents Park at Aventura Associates, managed by Jack Rajchenbach, were the sellers.

In the bigger deal, the 241-room Claridge House at 13900 Northeast Third Court near North Miami traded for $17.5 million. The 64,276-square-foot building was constructed in 1985 on 3.7 acres, according to property records.

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The 180-room Regents Park at Aventura at 18905 Northeast 25th Avenue sold for $15.9 million. The property was built in 1987 on 3.6 acres, records show.

Nursing homes, assisted living facilities and memory and rehabilitation centers in Florida are a popular class of real estate for investors, in light of the state’s reputation as a magnet for retirees.

CareRite, co-founded by principal Mark Friedman, has been betting on Miami-Dade nursing homes this year. The company has facilities in New York, New Jersey, Tennessee and Florida, according to its website.

In July, CareRite bought the Coral Reef Subacute Care Center nursing and rehabilitation facility for $35 million.

In Palm Beach County, Lone Star Funds bought a senior living complex in Palm Beach Gardens and another senior living complex near Boca Raton in June for a combined $57 million.