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 the $8 million his company, Golden Age Health Center, paid for the property in 2024. The transaction highlights ongoing investor interest in South Florida’s senior housing sector.
The buyer, My Summit Holdings based in Miami Lakes and managed by Mirvian Rodriguez, acquired the 35,546-square-foot property at 2801 Northwest 55th Avenue. According to records and real estate database Vizzda, the purchase was financed with two loans totaling $16.8 million from U.S. Century Bank. The deal equates to approximately $562 per square foot.
Colonial Assisted Living comprises 68 units and was originally completed in 1988.
Recent years have seen increased demand for elder care facilities in South Florida, resulting in more competition among operators and institutional investors for available properties. As the local population ages, providers have sought to expand their portfolios, leading to higher occupancy rates and rent growth across the region’s senior housing market. In Broward County specifically, many older facilities are being upgraded to meet modern standards as part of a wave of repositioning transactions.
Other notable sales in this submarket include Welltower’s acquisition of Barclay at Parksquare—a 141-unit assisted living facility in Aventura—for $46.8 million last December. Developed by Royal Senior Care in 2018, Barclay at Parksquare is a ten-story building that has drawn attention from health-care focused real estate investment trusts. Royal Senior Care also sold a Davie facility last year for $34.3 million.
Additionally, BH Group and Gold Standard of Care purchased two facilities at significant discounts from Blackstone last November. Their joint venture acquired a 171-unit Aventura property for $12 million—$36.5 million less than its previous sale price in 2017—and a Boca Raton group home with 160 beds for $12.2 million, about $10 million below Blackstone’s original purchase price.
These transactions reflect ongoing shifts within South Florida’s senior housing market as investors respond to changing demographics and market conditions.
