The DeMarco Real Estate Group of RE/MAX 5 Star Realty has announced the sale of two assisted living communities for $12.1 million in the state of Florida. The two communities comprise a total of 131 beds and reside in the greater Miami area in the towns of Margate and Davie. The communities specialize in memory care and operate under the name Caring Village. The seller of the communities was PrivCap Cos, who ultimately sold the assets to a private investment group from New York. At the time of sale the communities held an occupancy of 71% and sold at a 2% cap rate.
The Margate asset was previously sold in 2020 for a purchase price of $7 million. However, that sale did not include the second building in Davie. DeMarco Real Estate of RE/MAX 5 Star Realty facilitated both the 2020 and 2022 transactions.
