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Florida & Gulf Coast  + South Florida  + Senior Housing  |  October 18, 2024
Aventura Sr. Housing Changes Hands
Mike Boyd
By: Mike Boyd

Aventura Sr. Housing Tower Changes Hands

An ownership group has spun off the Imperial Club assisted/independent living tower in Aventura, which sold for $43.2 million.

First Baptist Housing of Bridgeport in partnership with Silver Tree Residential, sold the 14-story, 213-unit assisted living facility at 2751 N.E. 183rd Street to Southside Church of God in Christ in partnership with Smith & Henzy Affordable Group. The price equated to $202,793 per unit. The building last traded for $22.91 million in 2019.

Totaling 206,281 square feet, Imperial Club was built on the 1.37-acre site in 1986. It includes a fitness center, a dining hall and a pool.

The S. Florida Business Journal reports that the Imperial Club will be converted into independent living for low-income seniors following renovations. The income restriction allowed the developer to tap government financial assistance for the acquisition and renovations. The Housing Finance Authority of Miami-Dade County recently issued $60 million in multifamily housing revenue bonds for the Imperial Club.

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Inside The Story

Smith & Henzy

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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