Welltower Pays at Least $49M for Broward Rehab and Nursing Home

Health care real estate investment trust Welltower paid at least $49.1 million for a rehab and nursing home in suburban Broward County, Fla., property records show. 

Called Glades West Rehab & Nursing Center, the 86,009-square-foot complex features 120 beds in Miramar. Completed in 2015, the facility sits on a 3.7-acre site at 15955 Bass Creek Road, adjacent to Southwest 160th Avenue, just west of Interstate 75. 

The sale — which marks the first time the property was sold — equates to just over $409,000 per bed. The sale price, though, is likely higher than what’s listed in property records to account for the facility’s furniture and business operations. 

David Katz of Brooklyn-based TL Management sold the asset. 

In recent months, Welltower has been buying and selling South Florida properties. Since last year, the Toledo, Ohio-based firm has spent just under $170 million buying a 141-unit complex in Aventura, one spanning 22 acres in Lake Worth, and a third with 220 beds in Davie. 

In February, the company also sold a five-property portfolio in Palm Beach County for $81 million. In total, Welltower’s portfolio includes more than 2,500 facilities across the U.S., United Kingdom and Canada.

Katz could not be reached for comment, while a spokesperson for Welltower did not immediately respond to a request for comment. 

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