Assisted living entrepreneur Jorge Carmenate has sold Colonial Assisted Living, a senior housing facility in Lauderhill, Broward County, for $20 million. The sale price is more than double the $8 million that Carmenate’s Golden Age Health Center paid for the property in 2024. The transaction highlights continued investor interest in South Florida’s senior housing market.
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 two loans totaling $16.8 million from U.S. Century Bank. The deal equates to approximately $562 per square foot.
Colonial Assisted Living consists of 68 units and sits on a four-acre site. The facility was originally completed in 1988.
Demand for elder care services has increased in recent years as the region’s population ages and available inventory remains limited. This trend has led both local operators and institutional investors to target assisted living properties for acquisition or repositioning.
Operators are expanding their portfolios to keep up with steady occupancy rates and rising rents driven by demographic shifts. In Broward County, many providers have been upgrading older facilities to meet modern standards.
Recent transactions reflect this activity within the sector. In December, Welltower—a real estate investment trust focused on health care—purchased Barclay at Parksquare, a 141-unit assisted living facility in Aventura, for $46.8 million from Royal Senior Care, which developed the building in 2018. 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 acquired two facilities from Blackstone at significant discounts compared to previous sales prices: a 171-unit property in Aventura for $12 million (down by $36.5 million since its last trade) and a 160-bed group home in Boca Raton for $12.2 million (about $10 million less than Blackstone paid).
The series of recent deals underscores ongoing movement among owners and investors seeking opportunities within South Florida’s senior housing submarket.
