Cushman & Wakefield’s Senior Housing Capital Markets team completed the sale of two skilled nursing/assisted living facilities on behalf of the public, non-traded REIT, Healthcare Trust, Inc. These two properties represent the last of the three strategically planned majority-skilled nursing property sales in the state of Florida, after having already sold its SNF in Lutz earlier this year for $20 million, or a gain on sale of real estate investments of $3.8 million. Cushman & Wakefield handled all three property sales.
Healthcare Trust acquired one of the communities, The Addington at Wellington Green in Wellington, Florida, seven years ago. Built in 2011, it features a 120-bed post-acute/skilled nursing facility and a 52-bed assisted living community on the campus. The REIT sold it for $33 million, or $191,900 per bed.
The other campus, Institute for Healthy Living, was in the works for more than 10 years and finished construction in 2018, but only just received its licensure. Healthcare Trust (when it was American Realty Capital Healthcare Trust) bought the property in 2015 from NuVista Living for $10 million and partnered with NuVista, Jupiter Medical Center and Scripps Research Institute for the project.
In November 2018, Jupiter’s planning and zoning board delayed granting the certificate of occupancy until the campus featured the 22,000 square feet of medical office and research space required with the project when originally approved in 2010. Developed at a reported cost of $75 million, the property features a 129-bed skilled nursing facility, 62 units of assisted living and 30 units of memory care and sold for around $65 million, or $294,100 per bed/unit. A growing regional owner/operator was the buyer of both properties.
