Assisted living entrepreneur Jorge Carmenate sold a Broward County group home for more than double what he paid two years ago, underscoring investor interest in South Florida senior housing assets.
Miami Lakes-based My Summit Holdings, managed by Mirvian Rodriguez, paid $20 million for Colonial Assisted Living, a 35,546-square-foot facility with 68 units at 2801 Northwest 55th Avenue in Lauderhill, records and real estate database Vizzda show. The buyer obtained $16.8 million in financing split in two loans from U.S. Century Bank.
The deal breaks down to $562 per square foot.
In 2024, Cermenate’s Golden Age Health Center, which also operates an assisted living facility in West Miami, bought the 4-acre site for $8 million, records show. The facility was completed in 1988.
In recent years, growing demand for elder care and a limited inventory of assisted living facilities have made such properties targets for local operators and institutional buyers.
Operators have been racing to expand as the region’s aging population fuels steady occupancy rates and rent growth. Broward County’s senior housing sector, in particular, has seen a wave of repositioning deals as providers upgrade older properties to modern standards.
The sale adds to a recent string of trades in the assisted living submarket.
In December, health-care focused real estate investment trust Welltower bought Barclay at Parksquare, a 141-unit assisted living facility in Aventura, for $46.8 million, records show. The 10-story building was developed in 2018 by the seller, Aventura-based Royal Senior Care. The firm also bought a Davie assisted living facility for $34.3 million last year.
Aventura-based BH Group and Gold Standard of Care nabbed two assisted living facilities at deep discounts in November from New York-based Blackstone. The joint venture paid $12 million for a 171-unit assisted living facility in Aventura, representing a $36.5 million haircut from the previous trade in 2017. In Boca Raton, BH and Gold Standard acquired a 160-bed group home for $12.2 million, roughly $10 million below what Blackstone paid in 2017.