Fortress Acquires Delray Beach Assisted Living Center for At Least $25.8M

New York-based Fortress Investment Group bought an assisted living center at 4840 West Atlantic Avenue in Delray Beach, Florida, paying at least $25.8 million. The 118-bed property works out to roughly $218,000 per bed, and the full price is likely higher once furniture and operating business are counted. The 4.2-acre site, built in 2018, sits near South Military Trail about two miles west of Interstate 95. Fortress assumed the seller's loan from Atlantic Union Bank, which had $22.2 million outstanding, and added $3 million, creating a $25.3 million loan that matures in 2030. The seller, tied to Capital Health Group's Kenneth Assiran, bought the development parcel for under $4 million in 2015. The article links the deal to a wider uptick in South Florida nursing home and assisted living sales, driven by projected senior population growth statewide through 2040. Neither Assiran nor Fortress immediately commented.

Practical implication: Senior-care assets in South Florida are drawing institutional capital, and assumable debt can be a key lever in pricing these deals.