Inspired Healthcare pays $52M for assisted living facility near Delray Beach
259 units include for memory care, independent living
Inspired Healthcare Capital purchased an assisted living facility near Delray Beach for $52.3 million.
The Scottsdale, Arizona-based firm bought The Heritage at Delray, which includes assisted living, independent senior living and memory care units, at 5858, 5859 and 5861 Heritage Park Way in unincorporated Palm Beach County, according to records and real estate database Vizzda. The seller is an affiliate of ValStone Partners.
Inspired Healthcare took out $26.5 million in financing on the property. It assumed a $25.5 million existing mortgage and increased it with a $980,000 loan from Comerica Bank.
The Heritage consists of 259 units in three three-story buildings on 16.2 acres, Vizzda records show. Completed in 1988, the facility offers studios, as well as one- and two-bedroom units.
The deal breaks down to $202,000 per unit.
Assisted living facilities offer help that is tailored to each tenant’s needs, often including aid with everyday tasks, and often offer on-site health care. Memory care targets residents diagnosed with Alzheimer’s or another memory loss illness, and independent senior living is for tenants who are seeking a community that would allow them an active and social lifestyle without the burden of homeownership.
The Heritage has 76-100 assisted living units, 31-50 memory care units and 76-100 independent senior living units, according to Vizzda.
ValStone paid $21.2 million for The Heritage in 2012, property records show.
ValStone, based in Birmingham, Michigan and Baltimore, Maryland, is a private equity investor that invests directly in real estate and in commercial property loans, according to its website. Founded in 1998, it has completed deals valued at more than $1.2 billion, and had $840 million of assets under management as of December. Gerald Timmis III, Larry Jennings Jr. and Eric Abel are co-founders and senior managing directors.
Inspired Healthcare invests in various types of senior care facilities, with the firm’s Florida portfolio including three properties in Pinellas County, as well as one each in Fort Myers and Melbourne, according to the company’s website. Luke Lee is CEO.
The assisted living market, as well as that of memory and independent care facilities, has been thriving in Florida, in light of the state’s reputation as a retirement mecca.
In November, Cedar Health Group bought a 293-unit assisted living facility at 2855 West Commercial Boulevard in Fort Lauderdale for $39 million. In December, PrivCap Companies sold a pair of assisted living facilities in Broward County, at 6810 Southwest Seventh Street in Margate and at 4681 Southwest 66th Avenue in Davie, for a combined $12.7 million. Affiliates of Zalman Skoblo and Zvi Jacobowitz of Brooklyn purchased the properties.