Welltower Inc. has expanded its presence in Florida’s skilled nursing sector through a series of recent acquisitions that now total nine nursing homes statewide. The healthcare real estate investment trust recently purchased three nursing homes in Broward County, Florida, from companies managed by TL Management for $160 million. According to prior transaction activity, the latest trades build on Welltower’s earlier acquisition of two nursing homes in Palm Beach County for $48.2 million.
Across these deals, Welltower has assembled a nine-property Florida nursing home portfolio with an aggregate investment of $386 million. The transactions reflect a sustained commitment by the company to increase its exposure to skilled nursing facilities in key South Florida markets, with assets spanning Broward, Palm Beach and Miami.
The South Florida Business Journal reports that the largest of the recent acquisitions is the Unity Health and Rehabilitation Center in Miami. Welltower acquired the 294-bed facility for $74.3 million. The property is located at 1442 N.W. 22nd St. and totals 66,646 square feet. It was developed in 1948 on a two-acre site and previously changed hands in 2000, when it sold for $2.6 million.
Welltower also acquired the Palms Care Center and Rehab in Lauderdale Lakes as part of its latest buying activity. The Broward County facility traded for $45 million. It comprises 37,338 square feet, includes 120 beds, and was built in 1979 on a 2.6-acre site at 3370 N.W. 47th Terrace. The property last sold in 2006 for $6.59 million, highlighting a substantial increase in pricing over the past two decades.
The three Broward County properties acquired from entities managed by TL Management, together with the previously purchased Palm Beach County assets and additional Florida nursing homes, bring Welltower’s total spend on nine facilities in the state to $386 million. While specific operating arrangements, financing terms, and additional property details were not disclosed, the scale of the portfolio provides the company with a larger footprint in Florida’s nursing home market.
Transaction participants beyond Welltower and the TL Management-managed sellers were not identified in the available information, and no details were provided on capitalization metrics such as cap rates, debt structure or leverage. Nonetheless, the combination of individual asset trades, ranging from tens of millions to more than $70 million, and the cumulative program of statewide acquisitions underscores the significance of skilled nursing properties within Welltower’s broader investment strategy in Florida.
