Recently, a New-York based real estate investment firm purchased two South Florida senior health facilities. The company, Eagle Arc, paid a combined $36.41 million to buy a Boynton facility and another in Royal Palm Beach. Here is more on Eagle Arc’s latest South Florida commercial property acquisitions:
According to its website, since its founding, Eagle Arc, formerly known as BM Holdings, “has acquired over 100 properties in 17 states totaling more than $1.2 billion of total capitalization.” The firm operates according to three platforms: Health Care Real Estate, Multifamily Housing, and Opportunistic. The objective of the health care real estate platform is to “identify assets where disruptive factors have caused market dislocation and/or underperforming operators, lease assets NNN to experienced, reputable operators to oversee daily management, and creatively, unlock value to achieve compelling risk-adjusted returns.”
Eagle Arc’s South Florida Purchases
Eagle Arc first acquired the 99-bed Boynton Health Care Center near Boynton Beach, located at 7900 Venture Way, for $16.46 million. According to a recent article, Boynton Health Care Center is a skilled nursing facility that charges $370 per day for a semi-private room.
The firm’s second acquisition was the Royal Palm Beach Health and Rehabilitation Center located at 600 Business Park Way in Royal Palm Beach for $19.95 million. The 120-bed for-profit facility charges $295 per day for care.
The two homes were previously sold in 2012. According to reports, affiliates of Health Care Navigator, a skilled nursing facility consultancy and services provider, purchased the two homes in 2012 for a total of $17.78 million. Health Care Navigator paid $9.36 million for the Boynton Health Care Center and $8.4 million for Royal Palm Beach Health and Rehabilitation Center.
The senior health real estate market remains active in South Florida. According to reports, in October 2020, PrivCap Companies acquired Caring Village in Margate, Florida, for $7 million from Bessli Capital Partners. The assisted living facility has 111 units with multiple care levels with private and semi-private rooms, dining areas, a fitness area, an enclosed patio, and a computer area. Additionally, according to a recent article, “a health care magnate made his sixth nursing home purchase in two years, buying a 245-bed facility in North Miami for $24 million.”
In another article, it was reported that ZOM Senior Living and Watermark Retirement Communities recently purchased two South Florida senior housing development locations. In Coral Gables, the Watermark at Merrick Park will offer 196 senior living units. The facility will include 50,000 square feet of amenities, independent living, assisted living, and memory care units. In West Palm Beach, the Watermark at West Palm Beach will include 30,000 square feet of amenities, and 154 units with independent living, assisted living, and memory care spaces.
At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are dedicated, Florida Bar Board-Certified Real Estate Attorneys with the local expertise and experience you need to ensure that your interests are protected during your real estate transaction in the Town of Palm Beach. Contact Rabideau Klein today to discuss your real estate legal needs.