2950 Northwest Fifth Avenue in Boca Raton (BanyanPlace.org)
A Montreal-based firm specializing in health care real estate bought a pair of assisted living properties in Palm Beach County for a combined $20.5 million
An affiliate of Comprehensive Care Capital (CCC) acquired the 125-unit Banyan Place at 2950 Northwest Fifth Avenue in Boca Raton for $16.4 million, according to records. The buyer, led by Managing Principal Arie Friedman, is a subsidiary of Rosdev Group, a Montreal-based real estate firm with more than $2 billion in assets, according to an online company bio.
CCC paid $131,520 per unit for Banyan Place.
The seller, an affiliate of the assisted living facility operator also called Banyan Place, acquired the nearly 3-acre property from the Boca Raton Housing Authority for $4.7 million in 2014, records show. The two-building complex, totaling 82,708 square feet, was completed in 1998.
In a separate deal, CCC also acquired a 15-unit residential building completed in 1998. Banyan Place operated the property at 1021 Ridge Road in Lantana as an assisted living facility. The Montreal investor paid $4.1 million for the Anguilla Cay Condominium, as the property is known, records show.
CCC obtained a $20.5 million mortgage from East West Bank, records show. CCC’s portfolio consists of more than 50 health care facilities with more than 7,000 beds/units across eight states with a value of $700 million, the online bio states.
Just a few assisted living properties have traded in South Florida in the past 12 months, even though the region remains a magnet for retirees from northern states. In March, an affiliate of Miami-based Reign Senior Residences paid $16 million for a 140-bed assisted living facility in Margate.
In October, Brentwood, Tennessee-based Wickshire Senior Living bought a 293-unit assisted living facility in Fort Lauderdale for $17.3 million. And four months earlier, in July, CareRite Centers paid $35 million for a nursing home and rehabilitation facility in south Miami-Dade County.
