An assisted living community in Broward County has changed hands in a deal that underscores continued investor confidence in senior housing.

The Grand Villa of Deerfield Beach sold for $17.05 million to a partnership of local investors. The seller, VS Deerfield Beach, an affiliate of Michigan-based ValStone Asset Management, disposed of the 73,201-square-foot, 240-bed assisted living facility located at 1050 S.W. 24th Avenue.

The buyer group was led by Cooper City-based Pointe Real Estate LLC, which acquired a 70% stake, alongside 2C1J Properties III, which took the remaining 30% interest. Both entities are managed by Alain Hernandez and Lonnie Steckler, the president of HealthTrust Management. The transaction included $11.785 million in seller financing.

On a per-unit basis, the sale price worked out to roughly $71,000 per bed.

The property last sold in 2016 for $8 million, more than doubling its value over the past decade. The appreciation reflects sustained demand for assisted living and memory care beds in Broward County, driven by a growing senior population.

Built in 1996 on a 1.68-acre site, the community offers a mix of independent living, assisted living, and memory care accommodations, along with amenities such as on-site dining and housekeeping services.

Source:  SFBJ