FORT LAUDERDALE, FL—In what some are calling a seller's marketfor seniors housing, two assisted livingfacilities in Pompano Beach, FL have traded hands. A two-facilityportfolio consisting of Lighthouse Inn North and Lighthouse InnSouth sold for $4.1 million.

|

Kenneth Carriero and DamienCarriero, director and associate vice president ofColliers' National Seniors Housing Group, brokered the deal.Lighthouse Inn North is a 10,346-square-foot facility with 42 beds.Lighthouse Inn South is a 10,861-square-foot facility with 33beds.

|

“The seniors housing market is a sellers'market right now,” says Kenneth Carriero. “Buyers are extremelyaggressive in today's market with the limited number of viableseniors housing assets available for acquisition.Even class C properties have buyers paying above market price.”

|

Lighthouse Inn North and Lighthouse Inn South were acquired by asingle buyer. The buyer decided to create separate entities to owneach of the facilities.

|

The legal names of the purchasers are Lighthouse RealtyManagement North and Lighthouse Realty ManagementSouth. Smith Health Care Properties soldthe two seniors housing facilities.

|

“Although the buyer owns facilities in the northeastern states,this is its entry into Florida,” says Kenneth Carriero. “These twoassisted living facilities offered the buyer agreat opportunity in a new market with the ability to expand.”

|

Lighthouse Inn North is located at 3208 Northeast 11th Street.Lighthouse Inn South is located at 3305 Southeast 5th Street.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.