Lone Star Funds Acquires Senior Living Assets In Palm Beach & Boca Raton For $56.9M
SOLD
$56,900,000
Florida
See Similar DealsOther307,739 SF
Sold 06/03/2021
SOLD
Lone Star Funds Acquires Senior Living Assets In Palm Beach & Boca Raton For $56.9M
100 Discovery Way, Palm Beach Gardens, FL, USA
See Similar DealsOther307,739 SF
Sold 06/03/2021
Summary
FLORIDA
Asset Type:Other
Price Per Square Foot:$184
Total Square Footage:307,739 SF
Transaction Type:Sale
The sale of a senior living property in Palm Beach and Boca Raton has been completed. The property is located at 100 Discovery Way and 6061 Palmetto Circle North. The transaction took place on June 3, 2021, with a sale price of $56,900,000.
Summary of transaction details
- Property Type: Senior Living
- Transaction Amount: $56,900,000
- Units: 339
- Price Per Unit: $167,847
- Square Footage: 307,739
- Price Per Square Foot: $185
- Market: Palm Beach & Boca Raton
The buyer for this transaction was Lone Star Funds, represented by John Grayken. The seller was Healthpeak Properties, represented by Thomas Herzog. The property comprises 339 units and spans a total of 307,739 square feet. Each unit was sold at an average price of $167,847, while the price per square foot was $185. This sale marks a significant transaction in the senior living market in Palm Beach and Boca Raton.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,034,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$202,153.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$269,735.03
Annual Debt Service$3,236,820.35
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