Assisted living entrepreneur Jorge Carmenate has sold the Colonial Assisted Living facility in Lauderhill, Broward County, for $20 million. The sale price is more than double what he paid for the property two years ago, highlighting ongoing investor interest in senior housing assets in South Florida.
The buyer, My Summit Holdings based in Miami Lakes and managed by Mirvian Rodriguez, acquired the 35,546-square-foot facility at 2801 Northwest 55th Avenue. The purchase was financed with $16.8 million in loans from U.S. Century Bank. This transaction values the property at $562 per square foot.
Carmenate’s Golden Age Health Center purchased the four-acre site for $8 million in 2024. The assisted living facility was originally completed in 1988.
Demand for elder care and a limited supply of assisted living facilities have attracted both local operators and institutional investors to this sector. Providers are expanding as the region’s aging population maintains steady occupancy rates and supports rent growth. In Broward County, there has been a trend of repositioning deals as older properties are upgraded to meet modern standards.
This latest sale follows several other notable transactions in the area’s assisted living market. In December, Welltower, a health-care focused real estate investment trust, bought Barclay at Parksquare—a 141-unit facility in Aventura—for $46.8 million from Royal Senior Care. Last year, Royal Senior Care also sold a Davie assisted living facility for $34.3 million.
In November, BH Group and Gold Standard of Care purchased two facilities from Blackstone at significant discounts: they paid $12 million for a 171-unit property in Aventura (a decrease of $36.5 million from its previous sale price) and acquired a 160-bed group home in Boca Raton for $12.2 million—about $10 million less than Blackstone’s original purchase price.
