Lauderhill senior living community sold for $60M
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- Brian Bandell
- Senior Reporter- South Florida Business Journal
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Forest City Enterprises has sold the Forest Trace senior living community in Lauderhill for $59.5 million.
The Cleveland-based company (NYSE: FCEA) said it gained $18.5 million in net cash from the sale to Pacifica Lauderhill, an affiliate of San Diego-based Pacifica Cos. The buyer assumed a $34.9 million mortgage from Fannie Mae.
The price works out to $184,783 a door for the 322-unit property. The community, at 5500 N.W. 69th Ave., was built in 1989.
Forest Trace sits on 73 acres, with a 30-acre lake, dining hall, clubhouse and fitness center, wellness center with medical staff, 24-hour assistance for seniors, a beauty salon and barber shop, housekeeping services, transportation for residents, and a 250-seat theater.
Brian Bandell covers real estate, transportation and logistics. Get the latest news with our free daily newsletter. Click here to subscribe.
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