Emerald Group and Infinite Care have acquired two senior rehabilitation centers in South Florida for a total of $29 million. The transaction 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 purchase was made by entities led by Yisroel Herzka, an investor based in Lakewood, New Jersey, who is associated with both Emerald and Infinite Care. According to records and real estate database Vizzda, the Tamarac center consists of a one-story building measuring 38,200 square feet on a 3.8-acre site and was completed in 1979. The Pinecrest facility is also a one-story building with 30,400 square feet on a 2.4-acre lot and was built in 1967.
Both properties were sold by NuVision Management, a Fort Lauderdale-based consultancy specializing in geriatric and pediatric long-term care as well as rehabilitative services. The buyers secured a $46.6 million loan from Valley Bank that is cross-collateralized with other Emerald and Infinite Care properties.
Tamarac Rehabilitation provides skilled nursing and rehabilitation services for patients recovering from strokes or bone fractures. Pinecrest Rehabilitation offers post-hospital care along with skilled nursing and rehabilitation for conditions such as pneumonia, heart disease, bone fractures, joint replacement surgeries, strokes, Parkinson’s disease, and cancer-related diagnoses.
The market for senior care facilities in South Florida has remained active despite broader economic challenges like high interest rates and inflation. This resilience is partly attributed to Florida’s status as a popular destination for retirees, which sustains demand for assisted living facilities as well as memory care and rehabilitation centers.
Recent transactions reflect continued investment activity in the sector. In April, Welltower purchased Oakmonte Village of Davie—a facility offering both assisted and independent living—for $34.3 million (https://therealdeal.com/miami/2024/04/16/welltower-buys-davie-senior-living-facility-for-34m/). In June, Garden Healthcare acquired Eastridge at Cutler Bay—providing various levels of senior care—for $24 million (https://therealdeal.com/miami/2024/06/05/garden-healthcare-buys-cutler-bay-senior-living-complex-for-24m/). Also in April, Leo Friedman bought Abbey Delray senior living facility for $30 million (https://therealdeal.com/miami/2024/04/10/senior-living-tycoon-leo-friedman-buys-delray-beach-facility-for-30m/).
