Ohio-based Welltower dropped $208.2 million on five nursing and rehabilitation centers across Broward and Palm Beach County in a portfolio deal.
Entities linked to Welltower bought three nursing homes in Broward County for $160 million and two in Palm Beach County for $48.2 million, records show. The sellers for each property were companies managed by David Katz of TL Management in Brooklyn.
The largest deal was in Wilton Manors, where Welltower, led by Shankh Mitra, paid $58.7 million for the Wilton Manors Health & Rehab Center at 2675 North Andrews Avenue. The 63,690-square-foot property was built on a 4.6-acre lot in 1965. Records show it has 147 beds, meaning the deal worked out to $399,320 per bed. The rehabilitation center last sold for $3.6 million in 2000.
The 169-bed Fort Lauderdale Health & Rehabilitation Center at 2000 East Commercial Boulevard sold for $52.2 million to another Welltower affiliate. The deal penciled out to $308,875 per bed. The health center spans 65,900 square feet on 1.9 acres. It was completed in 1964 and last sold for $15.7 million in 2014.
In Miramar, Welltower picked up the 86,000-square-foot Glades West Rehab & Nursing Center at 15955 Bass Creek Road. The facility has 120 beds on a 3.7-acre site. The price equated to $409,000 per bed.
In Palm Beach County, Welltower scooped up two more care centers, including the Terraces of Lake Worth Care Center for $29.9 million. Records show the deal included the properties at 611 South A Street, 611 Royal Palm Drive and 1711 6th Avenue South 101, which is the address of the care center.
Those two properties include 31,280 square feet on 1.3 acres. The Terraces of Lake Worth has 99 licensed beds. The deal worked out to $302,000 per bed. That property last sold for $3.9 million in 1999.
Finally, Welltower paid $19.1 million for North Lake Care Center and Rehabilitation, which has 85 beds at 750 Bayberry Drive in Lake Park. The sale penciled out to $224,705 per bed. Records show the 21,390-square-foot facility sits on 1.6 acres and last traded for $1.3 million in 2001.
Welltower operates in three countries and has a portfolio of more than 3,000 senior and wellness housing communities, according to its website. The company did not immediately respond to requests for comment.
Florida’s senior housing market improved through the second quarter, as a growing senior population supported 3.8 percent rent growth, stabilized occupancy and $975 million in sales, according to Colliers. The average price per unit rebounded to $161,000, while the rolling four-quarter transaction volume peaked at $2.4 billion.
Investors and developers have jumped to take advantage of Florida’s booming senior housing market.
Last month, Tordjman Equities paid $16.6 million for the 88-bed Westlake Nursing and Rehab Center in Dania Beach. Also last month, Mountaineer Development sold the 59,760-square-foot Pine Trail Nursing and Rehab Center in Greenacres for $23.8 million. Earlier this year, Welltower sold a portfolio of five Palm Beach County nursing homes for a combined $81.1 million. In April, the firm also dropped $87.2 million on another assisted living facility in Lake Worth.
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