Shankh Mitra Of Welltower Acquires Two Nursing Homes From David Katz Of TL Management For $48.2M

The transaction involved the sale of two nursing homes in Palm Beach County. The total sale price was $48,200,000 for the properties located at 1711 6th Avenue South, 611 South A Street, 611 Royal Palm Drive, and 750 Bayberry Drive. The total square footage of the properties is 54,012 and the price per square foot is $892. The assets consist of 184 beds situated on 3.16 acres.

Summary of transaction details:

• Property Type: Nursing Home
• Transaction Amount: $48,200,000
• Buyer: Shankh Mitra
• Buyer’s Company: Welltower
• Seller: David Katz
• Seller’s Company: TL Management
• Combined beds: 184
• Total square footage: 54,012
• Price per square foot: $892
• Market: Lake Worth Beach & Lake Park, FL

The deal involved two nursing homes: the 99-bed Terraces of Lake Worth Care Center and the 85-bed North Lake Care Center. The former was acquired for $29.08 million, while the latter was purchased for $19.12 million. This acquisition is part of a larger strategy by Welltower, which has now purchased five nursing homes across Palm Beach and Broward counties for a cumulative amount exceeding $208.2 million, all transactions managed by TL Management led by David Katz.