Chicago Investor Buys South Florida Assisted Living Facility for $64M
By Julia Echikson September 11, 2024 5:17 pm
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Focus Healthcare Partners paid $63.8 million for an assisted living facility in Lake Worth, Fla., property records show.
Called The Arbor at Lake Worth, the 366,036-square-foot property houses 377 units at 9130 Hypoluxo Road, a little over a mile west of the Florida Turnpike between West Palm Beach and Boca Raton. The 22-acre complex features a 35,585-square-foot recreation center, a 3,180-square-foot auditorium, and a 44,627-square-foot nursing home.
The Chicago-based investor secured a $48 million loan from JLL Real Estate Capital that’s scheduled to mature in 2031 and is backed by Freddie Mac (FMCC), according to mortgage documents.
The deal appears to be the first time the complex has changed hands since it was built in 2017. The seller was Ventas, another Chicago-based investor that specializes in health care facilities and senior housing.
The purchase also came four months after Focus Healthcare Partners raised a $370 million fund, according to Senior Housing News. The private equity firm has bought about $1.2 billion in senior housing assets since 2010.
Representatives for Focus Healthcare Partners and Ventas did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
