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Portopiccolo buys Regents Park assisted living facility in Sunrise
Firm led by Simcha Hyman paid $27M for building
A family office bought the Regents Park of Sunrise for $26.7 million, marking continued investment appetite for assisted living facilities.
The Portopiccolo Group purchased the one-story, 120-bed property at 9701-9711 West Oakland Park Boulevard from an affiliate of Healthcare Realty Trust, according to records and real estate database Vizzda. The buyer secured loans for $67.4 million and $15 million from Alexandria, Virginia-based Oxford Finance. The loans are cross-collateralized with Portopiccolo properties in Jacksonville and Winter Park.
Completed in 1989, the Sunrise assisted living facility spans 128,000 square feet on nearly 9 acres, Vizzda records show. Regents Park at Sunrise offers rehabilitation programs, skilled nursing, palliative care, post-acute care and other services, according to its website.
The property last traded for $18.2 million in 2007, according to records.
Englewood Cliffs, New Jersey-based Portopiccolo is a family office that invests in health care and other industries, according to its website. It’s led by Simcha Hyman.
Assisted living facilities in South Florida have continued to trade at a steady pace, despite elevated interest rates and a general slowdown of commercial real estate sales. The Sunshine State has long been a magnet for retirees, prompting investors to continue to bet on assisted living facilities, as well as other elder care properties such as nursing homes.
In November, Aurora Health Network bought the Aspire at the Sea nursing home at 2401 Northeast Second Street in Pompano Beach, as well as rehabilitation centers Renaissance Health and Rehabilitation at 5065 Wallis Road and Coral Bay Healthcare and Rehabilitation Center at 2939 South Haverhill Road in West Palm Beach. Aurora Health dropped $30 million for the three properties.
Bent Philipson also has been a frequent investor in South Florida, most recently paying $22.7 million for the Hillcrest Health Care and Rehabilitation Center at 4200 Washington Street in Hollywood in September. Philipson was named in a complaint filed by the New York Attorney General in late 2022 alleging he and others diverted Medicaid and Medicare funds from a nursing home in Oyster Bay, New York. The case is still pending.
Elsewhere in South Florida, Pointe Group Care and Allaire Health Services bought the Epworth Village Retirement Community and Susanna Wesley Health Center in Hialeah for $30.9 million in May. The adjacent properties are at 5300 West 16th Avenue and 5345 West 18th Avenue.