Welltower bought a 220-bed assisted and independent living complex in Davie for $34.3 million, marking continued investment in South Florida senior care facilities.
Royal Senior Care and MG3 Group sold Oakmonte Village of Davie at 8201 Stirling Road to Welltower, a publicly traded real estate investment trust, according to records and real estate database Vizzda.
The complex consists of a pair of three-story buildings and a one-story building on an 8.6-acre site, Vizzda records show. Royal Senior Care, led by Avi Bittan, and MG3 –– led by Marcelo Saiegh, Gustavo Bogomolni and Hernan Leonoff –– completed development of Oakmonte in 2017.
Both Royal Senior Care and MG3 are based in Aventura.
Oakmonte offers assisted living and memory care, which is targeted for people with memory loss, as well as independent living for seniors with assistance where needed.
Welltower, led by Shankh Mitra, has a portfolio of more than 1,500 senior-living and wellness communities in the U.S., United Kingdom and Canada, according to its website. Its market capitalization is $94.2 billion.
Welltower has offices in Palm Beach Gardens, New York, Dallas and Toledo, Ohio, as well as in London and Toronto.
In 2020, Welltower sold the Aston Gardens Senior Living facility at 9401 Aston Gardens Court in Parkland for $55.7 million. The firm paid $18.4 million in 2019 for a 54,500-square-foot medical office building at 2901 Coral Hills Drive in Coral Springs, as part of a $1.25 billion portfolio acquisition from CNL Financial.
South Florida senior living centers have traded at a healthy pace. The tri-county region is a magnet for retirees and a hub for memory, skilled nursing, independent, assisted and rehabilitation centers.
In Lantana, Cerberus Capital Management and Newland Realty Capital paid $67 million last month for the 291-unit Carlisle Palm Beach assisted living facility at 440 East Ocean Avenue, with plans for renovations.
In September, Focus Healthcare Partners bought the 377-unit Arbor at Lake Worth assisted living facility at 9130 Hypoluxo Road in unincorporated Palm Beach County for $63.8 million.
That came after Portopiccolo Group paid $26.7 million for the one-story, 120-bed Westchester of Sunrise assisted living facility at 9701-9711 West Oakland Park Boulevard in Sunrise last year.
Read more
Development
South Florida
Miami Jewish Health plans 192-unit senior living complex in Miami’s Buena Vista
Development
South Florida
Developer plans 245-unit senior living facility in Weston