Aurora Health picks up senior facility portfolio for $30M

Deal includes Pompano Beach nursing home, two rehab centers in West Palm Beach

Aurora Buys South Florida Senior Center Portfolio
Aurora Health's Elliot Schwab with 2401 Northeast Second Street, 2939 South Haverhill Road and 5065 Wallis Road (LinkedIn, Google Maps)

Aurora Health Network has paid $30 million for a trio of senior facilities in Broward and Palm Beach counties. 

Affiliates of New York-based Aurora acquired a nursing home in Pompano Beach and two rehabilitation centers in West Palm Beach, according to records and Vizzda. Omega Healthcare Investors, a real estate investment trust based in Hunt Valley, Maryland, sold the properties.

Aurora paid $9.4 million for Aspire at the Sea, an 82-bed nursing home at 2401 Northeast Second Street in Pompano Beach. Omega paid $4 million in 2016. 

In West Palm Beach, the firm acquired the 120-bed Renaissance Health and Rehabilitation at 5065 Wallis Road for $7.6 million, and bought Coral Bay Healthcare and Rehabilitation Center, another 120-bed facility at 2939 South Haverhill Rd, for $13.8 million. Omega paid $8.6 million for Renaissance in 2016 and $3.3 million for Coral Bay in 2018. 

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The Elliot Schwab-led Aurora focuses on healthcare real estate investments. The firm has more than 6,000 beds in facilities across the U.S., according to its website. 

South Florida has seen a handful of medical facilities trade hands in the past year. 

In May, a joint venture between Pointe Group Care and Allaire Health Services acquired Epworth Village Retirement Community and Susanna Wesley Health Center in Hialeah for $30.9 million. Affiliates of nonprofit Epworth Village sold the two properties. 

In January, Boyd Watterson Asset Management paid $38.2 million for a Veterans Affairs outpatient clinic in Sunrise for $38.2 million. Healthcare Realty Trust sold the one-story, 111,000-square-foot building on 9.3 acres. 

And in November of last year, nursing home investors Bent Philipson and Andrew Bronfeld bought Signature HealthCare Center, a 214-bed facility in Hialeah Gardens, for $43.2 million

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