Welltower, a real estate investment trust specialising in healthcare real estate, has acquired a nursing and rehabilitation centre in Broward County, Florida. According to public property records, the company paid at least 49.1 million dollars for the property.
The facility, named Glades West Rehab & Nursing Center, spans 86,009 square feet and provides 120 beds in the municipality of Miramar. Completed in 2015, the complex is situated on a 3.7-acre site at 15955 Bass Creek Road, near Southwest 160th Avenue and just west of Interstate 75.
First change of ownership since construction
The transaction marks the first sale of the property since its completion. Based on capacity, the purchase price recorded in public records equates to a good 409,000 dollars per bed. However, the actual total value is likely to exceed the recorded sum, as equipment, furnishings and ongoing operations are typically compensated separately in such transactions. The vendor was David Katz of Brooklyn-based TL Management.
Headquartered in Toledo, Ohio, Welltower has been remarkably active in the South Florida market in recent months. Since last year, the company has invested nearly 170 million dollars in regional acquisitions. These included a 141-unit residential complex in Aventura, a 22-acre site in Lake Worth and a 220-bed facility in Davie.
Alongside these acquisitions, the REIT divested a portfolio of five properties in Palm Beach County in February, selling them for 81 million dollars. In total, Welltower's portfolio comprises more than 2,500 healthcare properties across the United States, the United Kingdom and Canada.
Neither vendor David Katz nor representatives of Welltower were immediately available for comment.
