Welltower Adds 3 Nursing Homes to Florida Portfolio

Welltower Inc. recently acquired three nursing homes in Broward County, Florida, from companies managed by TL Management for $160 million. That brings the total number of nursing home transactions in the region to nine. Previously, the company acquired two nursing homes in Palm Beach County for $48.2 million. All in all, Welltower has paid $386 million for nine Florida nursing homes.

The South Florida Business Journal reports, that in the biggest deal, Welltower purchased the 294-bed Unity Health and Rehabilitation Center in Miami for $74.3 million. Located at 1442 N.W. 22nd St., it totals 66,646 square feet and was built on the two-acre site in 1948. It last traded for $2.6 million in 2000.

Meanwhile, Welltower acquired Palms Care Center and Rehab in Lauderdale Lakes for $45 million. It totals 37,338 square feet, has 120 beds and was built on the 2.6-acre site at 3370 N.W. 47th Terrace in 1979. It last sold for $6.59 million in 2006.