Aurora Health Network Expands Footprint in South Florida with $30 Million Acquisition

Aurora Health Network, based in New York, has made a significant investment in the healthcare real estate sector by acquiring three senior facilities in Broward and Palm Beach counties for a total of $30 million. The transaction involved the purchase of a nursing home in Pompano Beach and two rehabilitation centers in West Palm Beach from Omega Healthcare Investors, a real estate investment trust headquartered located in Hunt Valley, Maryland.

The cornerstone of this acquisition is the Aspire at the Sea nursing home, located at 2401 Northeast Second Street in Pompano Beach. Aurora Health Network secured the 82-bed facility for $9.4 million, a significant increase from the $4 million that Omega paid for it in 2016. This strategic move underscores Aurora’s commitment to expanding its presence in South Florida, a region that has witnessed several healthcare facilities changing hands in recent months.

In West Palm Beach, Aurora acquired two rehabilitation centers, signaling a broader effort to enhance its healthcare real estate portfolio. The first, Renaissance Health and Rehabilitation, a 120-bed facility at 5065 Wallis Road, was purchased for $7.6 million. The second, Coral Bay Healthcare and Rehabilitation Center, located at 2939 South Haverhill Rd, came with a price tag of $13.8 million. Omega had initially acquired Renaissance for $8.6 million in 2016 and Coral Bay for $3.3 million in 2018.

Led by Elliot Schwab, Aurora Health Network specializes in healthcare real estate investments and boasts a portfolio that includes over 6,000 beds across various facilities in the United States. The recent acquisitions in South Florida align with the company’s mission to provide high-quality healthcare services and facilities.

South Florida’s healthcare real estate landscape has been dynamic in the past year, with notable transactions reflecting the region’s growth and demand for quality medical facilities. In May, Pointe Group Care and Allaire Health Services entered a joint venture to acquire Epworth Village Retirement Community and Susanna Wesley Health Center in Hialeah for $30.9 million. Additionally, Boyd Watterson Asset Management made a substantial investment in January, paying $38.2 million for a Veterans Affairs outpatient clinic in Sunrise.

November of the previous year saw nursing home investors Bent Philipson and Andrew Bronfeld acquiring Signature HealthCare Center, a 214-bed facility in Hialeah Gardens, for $43.2 million. These transactions collectively highlight the vibrant healthcare real estate market in South Florida, attracting both regional and national investors seeking strategic opportunities in the evolving landscape of senior care and rehabilitation services. As Aurora Health Network solidifies its position with the $30 million acquisition, it remains poised to contribute to the continued growth and enhancement of healthcare facilities in the region.