Out-of-state retirement home operator Garden Healthcare took its first dip into South Florida, acquiring a Miami-Dade County facility for $24 million.
Two affiliates of Columbus, Ohio-based Garden Healthcare, led by Barry Braunstein and Samuel Feuer, acquired the 66-acre Eastridge at Cutler Bay at 19301 Southwest 87th Avenue, records and real estate database Vizzda show. The deal also included an adjacent 10-acre lot with a three-unit, single-story apartment building.
The buyer obtained a $36 million mortgage from Hauppauge, New York-based Dime Community Bank.
The seller, East Ridge Retirement Village, a nonprofit formerly known as the Lutheran Senior Citizens Foundation, developed the four-story senior center and 41 villas with 403 units in phases in 1961, 1989 and 2015, records show. The previous sale price is not listed in deed records.
Eastridge at Cutler Bay offers independent living for people 66 and older with on-site assisted living, memory support, skilled nursing, rehabilitation, or home health care, according to the nursing home’s website.
Garden Healthcare operates seven rehabilitation and nursing centers in Ohio, the firm’s website shows.
South Florida has experienced a handful of senior living facility trades in recent months, including a deal involving a controversial operator. In April, New York-based Citadel Care Centers, led by CEO Leo Friedman, paid $30 million for a Delray Beach independent living, assisted living and nursing care complex with 472 units. In 2022, a Citadel Care affiliate agreed to pay nearly $7.9 million to settle a civil health care fraud lawsuit in New York.Also in April, publicly traded real estate investment trust Welltower bought an 8.6-acre retirement community with 220 beds in Davie for $34.2 million. And in January, AEW Capital Management dropped $100.1 million for a 424-unit senior living rental complex in Wellington.
