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ocus Healthcare Partners has recently acquired a 377-unit assisted living facility in Palm Beach County for $63.8 million, as the demand for senior care facilities continues to grow in South Florida. The acquisition includes a three-story building and a one-story building located at 9130 Hypoluxo Road in an unincorporated area of the county. The buyer secured a $48 million Freddie Mac loan to finance the purchase.
The Mariposa property, completed in 2017 on a 22.5-acre site, offers 259 assisted living units and 54 memory care units, according to Vizzda records. Assisted living facilities provide seniors with the opportunity to live independently while receiving assistance with daily tasks, while memory care centers are specialized for residents with dementia or other forms of memory loss.
The South Florida region has been an attractive destination for retirees, driving the steady trade of assisted living, nursing home, and memory care facilities. In January, Portopiccolo Group purchased the one-story, 120-bed Regents Park of Sunrise assisted living facility for $26.7 million. This followed Aurora Health Network's $30 million acquisition of the 82-bed Aspire at the Sea nursing home in November, and the purchase of the 120-bed Renaissance Health and Rehabilitation center in West Palm Beach for $50 million.
Elder care facilities investor Bent Philipson has also made a significant investment in the region, purchasing the 240-bed Hillcrest Health Care and Rehabilitation Center in Hollywood for $22.7 million in September 2021. However, Philipson is currently facing a lawsuit from New York's attorney general over allegations of misappropriation of Medicaid and Medicare funds from a New York nursing home. The lawsuit is ongoing.
In summary, the acquisition of Mariposa by Focus Healthcare Partners reflects the growing interest in senior care facilities in South Florida, as investors seek to capitalize on the region's aging population and increasing demand for assisted living and memory care services.
