Assisted living facility in Margate sells for $16M

A Margate assisted living facility traded hands for $16 million.

Property records show an entity led by Yanir Shrmaryou, president of Livewell Senior Living, sold the facility at 5850 Margate Boulevard. The buyer is an entity led by Hector Fernandez who heads Miami-based Reign Senior Residences.

Fernandez financed the purchase with a $12.9 million mortgage from Old Second National Bank, records show.

The 58,409-square-foot, 140-bed facility was built in 1971 on a 3-acre property. The sale price breaks down to $274 per square foot.

The assisted living facility last sold for $7 million in 2014, records show.

Neither Livewell Senior Living nor RSR Senior Residences responded to requests for comment. According to its website, Miami-based Reign Senior Residences also owns and operates the assisted living facility at 9355 Southwest 158th Avenue in Miami.

Florida has long been a top choice for retirees, making assisted living centers and nursing homes prime real estate. Several facilities have sold in recent months.

In November, New Jersey-based CareRite, through affiliates, bought half of the ownership interest in The Claridge House and Regents Park nursing homes in Aventura for a combined $33.4 million.

The same month, United Home Care sold a West Kendall assisted living facility to Reign Gardens for $16.5 million.

In October, Brentwood, Tennessee-based Wickshire Senior Living bought an assisted living facility in Fort Lauderdale for $17.3 million from an affiliate of Denver-based Healthpeak Properties.

Also last year, Fortress Investment Group bought the Sonata assisted living facility in Coconut Creek for $11.9 million. And Midtown Al Propco, led by Moshe Soskin and Joseph Hirsch, bought Midtown Manor assisted living facility in Hollywood for $9.7 million.