Focus Healthcare Partners scooped up a 377-unit assisted living facility in Palm Beach County for $63.8 million, as South Florida senior care facilities continue to trade.
The Chicago-based firm bought the Mariposa property consisting of a three-story building and a one-story building at 9130 Hypoluxo Road in an unincorporated area of the county from Ventas, according to records and real estate database Vizzda. The buyer took out a $48 million Freddie Mac loan on the property.
Completed in 2017 on a 22.5-acre site, Mariposa has 259 assisted living units and 54 memory care units, Vizzda records show.
Generally, assisted living facilities allow seniors to live independently and receive help with everyday tasks, and memory care centers are tailored to residents with a form of dementia.
For years, South Florida’s assisted living, nursing home and memory care facilities have traded at a healthy pace. The tri-county region is a known retirees mecca, prompting investment appetite.
In January, Portopiccolo Group paid $26.7 million for the one-story, 120-bed Regents Park of Sunrise assisted living facility at 9701-9711 West Oakland Park Boulevard in Sunrise. That came on the heels of Aurora Health Network paying $30 million in November for the 82-bed Aspire at the Sea nursing home at 2401 Northeast Second Street in Pompano Beach, and the 120-bed Renaissance Health and Rehabilitation at 5065 Wallis Road in West Palm Beach.
Elder care facilities investor Bent Philipson, who is named in a New York’s attorney general’s 2022 lawsuit over alleged misappropriation of Medicaid and Medicare funds from a New York nursing home, dropped $22.7 million for the 240-bed Hillcrest Health Care and Rehabilitation Center at 4200 Washington Street in Hollywood in September of last year. The attorney general’s lawsuit against Philipson and others is pending.