South Florida Shuffle: Welltower Sells Building for $15.4M, Two-SNF Portfolio Nets $24 Million

Welltower Offloads Broward County SNF for $15.4M

Welltower Inc. (NYSE: WELL) recently sold the Heartland of Tamarac skilled nursing facility for $15.4 million, the South Florida Business Journal reported.

The real estate investment trust offloaded the building to 5901 Tamarac LLC, a company associated with Millennium Management of Miami, according to the publication. The facility has 151 beds with an occupancy of 85.9% at the time of the sale.

Originally built in 1988, the building measures about 75,000 square feet.

Berkadia Commercial Mortgage provided Millennium with $11.4 million in funding for the purchase.

“There has been a lot of competition to build new nursing homes in South Florida as developers seek to house the growing senior population,” the outlet observed.

Marcus & Millichap Handles $24M Portfolio Sale

Marcus & Millichap (NYSE: MMI) arranged the sale of a two-building skilled nursing portfolio in South Florida, the company announced last week. The final sale price for the 300-bed portfolio was $24 million, with the properties transferring between two private individuals.

“The buyer and the operator recognized the portfolio as a true value-add opportunity that represented a good investment at a reasonable price per bed,” Marcus & Millichap executive managing director Mike Pardoll said in a statement announcing the deal.

The facilities had a four- and a five-star rating from the Centers for Medicare & Medicaid Services.

Pardoll represented the seller and located the buyer, along with Marcus & Millichap senior associate Dick Richardson.

Renovations Wrap Up at Mass. Nursing Home

Christopher House, a non-profit nursing home in Worcester, Mass., recently completed a major upgrade, according to a report in the New England Real Estate Journal.

The 150-bed rehabilitation and skilled nursing facility now has new open-concept lounges, upgraded occupational therapy space, and and expanded nurses’ station. CDHA Consulting oversaw the renovations, with Christopher Howe serving as the architect.

Opened in 1996, Christopher House is operated by the Grantham Group, which manages multiple assisted living facilities throughout southeastern and western Massachusetts.

Written by Alex Spanko