Welltower Buys Senior Home Facility for $47M in South Florida

Welltower paid $46.8 million for an assisted living facility in Aventura, Fla., not far from where private equity giant Blackstone sold a similar property at a major loss a month ago. 

Called The Barclay at ParkSquare, the property houses 141 units at 2940 NE 207th Street, just east of Biscayne Boulevard, property records show. The 10-story building sits within the Aventura Parksquare mixed-use development, which includes residential, retail, restaurants and a hotel.

The seller, Aventura-based Royal Senior Care, completed the 153,977-square-foot building in 2018.

The sale comes just a month after Blackstone sold an assisted living community, also in Aventura, for a 75 percent loss. BH Group and Gold Standard of Care purchased the 171-unit property for $12 million — eight years after Blackstone paid $48 million.

The move was an effort to sell off a 9,000 senior-housing portfolio, which is shaping up to be one of Blackstone’s worst investment plays the past few years, incurring more than $600 million in losses, the Wall Street Journal reported. The facilities proved to be too labor intensive and complex to be profitable for the New York-based firm.

In contrast, Welltower is doubling down on the asset class. The Toledo, Ohio,-based real estate investment trust is selling an 18 million-square-foot medical office space portfolio to Kayne Anderson and Remedy to focus on senior housing. 

A spokesperson for Welltower did not immediately respond to a request for comment, while a representative for Royal Senior Care could not be reached for comment.

Julia Echikson can be reached at jechikson@commercialobserer.com.