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
$30,900,000
Units
410
Asset Type
Other
Closing
May 2, 2023
About this deal
AI
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.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93