MIAMI — Cushman & Wakefield has arranged the sale of 10 senior care facilities in Miami-Dade County for a combined price of $88.6 million as part of a value-add strategy.
The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet.
Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed.
Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for Oceanside Extended Care Center, which were co-brokered by Cushman & Wakefield’s Calum Weaver.
“The sales became a social welfare cause as all involved recognized that the facilities are a critical component of Miami Dade County’s healthcare network for the underserved elderly and disabled,” says Kaplan. “We’re pleased they’re now in the hands of owners/operators who will continue providing much needed services to the community.”
The properties in the portfolio were:
- Fair Havens Center, a 101,814-square-foot skilled nursing and assisted living facility with 557 units and 329 beds. The property sold for $26.4 million, or approximately $80,394 per bed.
- Harmony Health Care, an 83,526-square-foot skilled nursing facility with 96 units and 203 beds. The property sold for $19.6 million, or approximately $96,307 per bed.
- Oceanside Extended Care, a 52,133-square-foot skilled nursing facility with 196 one-bed units. The real estate sold for $17.6 million, or approximately $89,923 per bed, and the license sold in a separate transaction for $5.9 million.
- Nursing Center at Mercy, a 43,357-square-foot skilled nursing facility with 64 units and 120 beds. The real estate sold for $3 million, or approximately $25,000 per bed, and a separate transaction was executed to terminate a ground lease on the property for $5.8 million.
- Eden Gardens, a 30,836-square-foot assisted living facility with 65 units and 118 beds. The property sold for $2.2 million, or approximately $18,432 per bed.
- Courtyard Manor, a 16,245-square-foot assisted living facility with 34 units and 86 beds. The property sold for $2.2 million, or approximately $30,232 per bed.
- Flamingo Park, a 12,894-square-foot assisted living facility with 21 units and 72 beds. The property sold for $1.9 million, or approximately $26,738 per bed.
- South Hialeah Manor, an 11,118-square-foot assisted living facility with 31 units and 67 beds. The property sold for $1.5 million, or approximately $21,641 per bed.
- Jene’s Retirement, a 10,683-square-foot assisted living facility with 12 units and 50 beds. The property sold for $882,000, or approximately $17,640 per bed.
- La Hacienda Gardens, an 8,256-square-foot assisted living facility with 34 units and 48 beds. The property sold for $1.3 million, or approximately $26,738 per bed.