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Pointe Group Care And Allaire Health Services Acquire Epworth Village Retirement Community And Susanna Wesley Health Center In Hialeah For $30.9M

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SOLD
$30,900,000

Florida

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Sold 05/03/2023
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Property Image
SOLD

Pointe Group Care And Allaire Health Services Acquire Epworth Village Retirement Community And Susanna Wesley Health Center In Hialeah For $30.9M

5300 W 16th Ave, Hialeah, FL 33012, USA

See Similar Deals
Other
Sold 05/03/2023

Summary

FLORIDA
Asset Type:Other
Transaction Type:Sale

The Epworth Village Retirement Community and Susanna Wesley Health Center in Hialeah, Florida, have been sold for a total of $30.9 million. The buyers, Pointe Group Care and Allaire Health Services, acquired the properties in their first investment in South Florida's senior living market. The purchase includes the 290-unit Epworth Village independent senior living complex and the 120-unit Susanna Wesley Health Center, which offers assisted living, nursing care, and rehabilitation services.

Summary of transaction details

  • Property Type: Senior Housing & Medical Facility
  • Transaction Amount: $30,900,000
  • Units: 410
  • Price per Unit: $75,366
  • Buyer: Pointe Group Care - Ben Berkowitz; Allaire Health Services - Benjamin Kurland
  • Seller: Madelyn Lozano

Pointe Group Care and Allaire Health Services, represented by Ben Berkowitz and Benjamin Kurland respectively, were the buyers of the Epworth Village Retirement Community and Susanna Wesley Health Center. The sellers of the properties were Madelyn Lozano. This acquisition marks the buyers' entry into the senior living market in South Florida. The Epworth Village complex consists of 290 units, while the Susanna Wesley Health Center offers 120 units providing assisted living, nursing care, and rehabilitation services.

Details

SOLD
IMAGE: Benjamin Kurland & Ben Berkowitz DATE: 05/02/2023 ADDRESS: 5300 West 16th Avenue & 5345 West 18th Avenue MARKET: Hialeah ASSET TYPE: Senior Housing & Medical Facility BUYER: Pointe Group Care - Ben Berkowitz; Allaire Health Services - Benjamin Kurland SELLER: Madelyn Lozano SALE PRICE: $30,900,000 UNITS: 410 ~ PPU: $75,366 NOTE: Pointe Group Care and Allaire Health Services acquired Epworth Village Retirement Community and Susanna Wesley Health Center in Hialeah, Florida, for a combined $30.9 million. The purchase includes the 290-unit Epworth Village independent senior living complex, as well as the 120-unit Susanna Wesley Health Center, which offers assisted living, nursing care, and rehabilitation services, marking the buyers' first investment in South Florida's senior living market.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,648,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$109,781.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,481.76
Annual Debt Service$1,757,781.17