Fortress Investment Group paid at least $25.8 million for an assisted living facility in Delray Beach, Fla.
The 126,918 square foot property is located next to the South Military Trail in 4840 West Atlantic Avenueabout two miles west of Interstate 95. 4.2 acre property, built in 2018, houses 118 beds.
The transaction is estimated at $218,220 per bed, although the sale price is higher for furniture and business operations.
New York-based Fortress Investment Group considers the seller’s loan from Atlantic Union Bank with $22.2 million in outstanding debt and an increase of $3 million. The $25.3 million in financing is scheduled to mature in 2030.
The seller, the tied entity Capital Health Group‘s Kenneth Asiranpurchased the development package for just under $4 million in 2015.
There is an increase in sales of nursing homes and assisted living facilities in South Florida as the state’s senior population is expected to grow by 2.2 million by 2040, according to state estimates.
Most recent transactions include Welltower $49 million acquisition of 120-units in Broward County this week and Artemis Real Estate Partners‘ purchase for $140 million of the 7.2 hectare asset in August.
Assiran could not be reached for comment, while a spokesperson for Fortress Investment Group did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.