Inspired Healthcare Capital purchased an assisted living facility near Delray Beach for $52.3 million.
The Scottsdale, Arizona-based company purchased The Heritage at Delray at 5858, 5859 and 5861 Heritage Park Way in unincorporated Palm Beach counties, which includes assisted living, independent senior living, according to records and real estate database Vizzda. and memory care unit. The seller is an affiliate of ValStone Partners.
Inspired Healthcare secured $26.5 million in financing for the property. It assumed $25.5 million in existing mortgages and secured a $980,000 loan from Comerica Bank.
Vizzda records show the Heritage consists of 259 units in three three-story buildings on 16.2 acres. Completed in 1988, the facility offers studios as well as one and two bedroom units.
The transaction breaks down to $202,000 per unit.
Assisted living facilities provide assistance tailored to each tenant’s needs, often including help with everyday tasks, and often provide on-site medical care. Memory Care is aimed at residents diagnosed with Alzheimer’s or other memory loss disorders, while Independent Senior Living is for tenants who are looking for a community that will allow them to live without the burdens of homeownership. Live an active and social life without the circumstances.
According to Vizzda, Heritage has 76-100 assisted living units, 31-50 memory care units and 76-100 independent senior living units.
ValStone bought The Heritage in 2012 for $21.2 million, property records show.
Based in Birmingham, Michigan and Baltimore, Maryland, ValStone is a private equity investor that invests directly in real estate and commercial real estate loans, according to its website. Founded in 1998, the firm has completed transactions valued at more than $1.2 billion and managed $840 million in assets as of December. Gerald Timmis III, Larry Jennings Jr. and Eric Abel are co-founders and senior managing directors.
Inspired Healthcare invests in various types of senior care facilities, and its Florida portfolio includes three properties in Pinellas County, as well as one each in Fort Myers and Melbourne, according to its website. Luke Lee is the CEO.
this Assisted Living MarketAnd memory and independent care facilities are booming in Florida because of the state’s reputation as a retirement mecca.
In November, Cedar Health Group purchased a 293-unit assisted living facility at 2855 West Commercial Boulevard in Fort Lauderdale $39 million. In December, PrivCap Companies sold two Broward County assisted living facilities, 6810 SW 7th Street in Margate and 4681 SW 66th Avenue in Davie, for a total of $12.7 millionAffiliates of Zalman Skoblo and Zvi Jacobowitz of Brooklyn purchased the properties.