Emerald Group and Infinite Care have acquired two senior rehabilitation centers in South Florida for a total of $29 million. The purchase includes the Tamarac Rehabilitation and Health Center, a 120-bed facility located at 7901 Northwest 88th Avenue in Tamarac, and the Pinecrest Rehabilitation Center, a 100-bed property at 13650 Northeast Third Court in North Miami.
The Tamarac center is housed in a one-story building spanning 38,200 square feet on a 3.8-acre site. It was completed in 1979. The Pinecrest facility is also a single-story building, measuring 30,400 square feet on a 2.4-acre lot and was built in 1967.
Both properties were sold by NuVision Management, based in Fort Lauderdale. NuVision specializes in consulting for geriatric and pediatric long-term care as well as rehabilitative service providers.
The buyers secured a $46.6 million loan from Valley Bank that is cross-collateralized across these two properties and other assets owned by Emerald Group and Infinite Care.
According to the website for Tamarac Rehabilitation, the center provides skilled nursing and rehabilitation services to patients recovering from strokes or broken bones. Pinecrest Rehabilitation offers post-hospital care along with skilled nursing and rehabilitation services for conditions such as pneumonia, heart conditions, bone fractures, joint replacement surgeries, strokes, Parkinson’s disease, and cancer-related diagnoses.
Senior care facilities in South Florida have seen sporadic trading activity but remain somewhat resilient to broader economic pressures like high interest rates and inflation. This resilience is attributed to the state’s appeal among retirees which sustains demand for assisted living, memory care, skilled nursing, and rehabilitation centers.
Recent transactions in the region include Welltower’s acquisition of Oakmonte Village of Davie—a 220-bed assisted and independent living facility—for $34.3 million earlier this year. In June, Garden Healthcare purchased Eastridge at Cutler Bay for $24 million; this property spans 66 acres and offers various senior living services including independent living, assisted living, skilled nursing care, memory care, and rehabilitation services. In April as well, Leo Friedman bought Abbey Delray—a senior living complex with 472 units—for $30 million.
