PrivCap pays $7M for Margate assisted living facility
PrivCap’s Donny Cohen with 6810 Southwest 7th Street, Margate (Linkedin, Google Maps)
A South Florida real estate investment company bought an assisted living facility in Margate for $7 million.
PrivCap Companies, based in Boca Raton and led by Donny Cohen, bought the 111-unit facility at 6810 Southwest 7th Street, according to records. That equates to about $63,000 a unit.
The building houses VIP Care Pavilion, which caters to seniors with memory and mobility impairments, including Alzheimer’s and dementia, according to the company’s website.
VIP Care, started in 1999, offers dining areas for each level of care, private and semi-private rooms, an activity and fitness room, computer tablets for video chatting with friends and family and an enclosed outdoor patio. The Margate building was built in 1972.
The seller was Bessli Capital Partners, a Miami-based developer and asset manager specializing in assisted living facilities. Bessli bought the building in 2018 for $3 million. COO Noah Slimak signed the deed to PrivCap.
PrivCap’s portfolio includes properties in Florida, New Jersey, Texas, and Georgia according to its website.
In 2018, PrivCap was a partner on a mixed-use project called 441 Rock, which included a 180-unit rental property, together with a Wawa convenience store, a Wendy’s restaurant and a self-storage facility.
While senior housing typically comes with strict caps on rent increases and other regulations to protect residents, investors can still reap profits as asset values rise, whether they hold or sell, even during after Covid-19, experts say.
The sector has outperformed all other commercial real estate asset classes since 2003, while average rents have increased every quarter since 2009, according to the NCRIEF property index, a benchmark for commercial property investments.
Earlier this month, Fairstead paid nearly $18 million for the Federation Davie Apartments in Davie, with plans to renovate the senior affordable housing property. In July, The Jewish Federation of South Palm Beach County sold an affordable senior housing complex in Boca Raton to Fairstead for $33.75 million.
The Richman Group is planning a 105-unit senior housing development in Allapattah.
In May, Welltower sold a Parkland senior housing facility for $55.7 million, a steep discount from its last sale price nearly five years ago. Earlier this year, senior housing and medical office real estate investment trust Ventas renegotiated leases for a firm that operates 121 of its senior living facilities across the country, to address the financial toll the coronavirus pandemic has taken on those communities.
Today we’d like to introduce you to Donny Cohen.
Donny, please share your story with us. How did you get to where you are today?
Following the downturn in the real estate market in 2009, I relocated with my wife and then three children from New Jersey to Boca Raton in August 2010 with a vision for my own firm based in South Florida. I waited for the market to stabilize and opened our doors in April 2011. We began with our bridge lending division, PrivCap Funding, and then began buying multifamily properties under our PrivCap Holdings division. In 2014, we formed PrivCap Development and all three divisions are very active today. We have multiple development projects in the works here in South Florida and own and operate apartment communities nationwide.
We’re always bombarded by how great it is to pursue your passion, etc – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
I don’t think any owner of a growing business can tell you that their ride has always been a smooth one. Every business has its obstacles and bumps on the road but you are ultimately defined by how you overcome those obstacles and navigate around those bumps. We have had our fair share of bad partners, poor operators/managers and deals that have underperformed. The recent hurricanes have impacted some of our properties especially our Hard Rock project in San Juan, Puerto Rico. Thankfully, our global portfolio is performing well and we are very proud of the company we have built, the portfolio we have assembled and our current partners and employees who work tirelessly on behalf of our investors.
So, as you know, we’re impressed with PrivCap – tell our readers more, for example what you’re most proud of as a company and what sets you apart from others.
PrivCap Companies is a boutique real estate investment firm catering to high net worth individuals and family offices. Our diverse real estate portfolio and opportunities afford investors access to multiple models and strategies ranging from short-term bridge loans to value-add multifamily projects to multiyear development projects. One of our core values is that we always strive to return 100% of invested capital in a particular deal within a 36-month timeframe and we accomplish that by focusing on value-add opportunities.
Whether we are acquiring a distressed and mismanaged apartment complex to a piece of dirt, we formulate a strategy to add significant value and execute accordingly.
Furthermore, we strive to build a personal relationship with everyone we do business with. From investors to borrowers to brokers and vendors to employees, we believe that the more we know the people we are working with the better we can serve them and the better they will serve us and our investors. We are constantly focused on continuously enhancing the PrivCap investor experience and we will always strive to do more and continuously exceed expectations.
So, what’s next? Any big plans?
Markets are cyclical and my job as CEO of PrivCap is to always been 6 months ahead of market changes. We are heavily focused on single-tenant retail development and expanding our bridge lending business. We are working with a number of larger financial institutions to partner with us in our continued growth.
- Address: PrivCap Companies
7200 W Camino Real
Boca Raton, FL 33433
- Phone: 561-952-2501
- Email: [email protected]
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About Donny Cohen
Find us on Youtube: bit.ly/2moizQG
The Cohen Brothers Real Estate Group is dedicated to providing innovative, exceptional, and personalized services of only the highest quality. The real estate business is forever growing and changing and we make it a mission to constantly grow and adapt with it. We are constantly learning and use each new skill to provide our clients with the best service. We understand that each home and home owner is different and unique. It is our mission to provide you with the skills and resources specific to you and your family, all the while adhering to the highest standard of integrity and ethical business practices.
With a law degree, a history in construction, and a previous successful mortgage brokerage company, Abraham and Donny Cohen have a combined experience of 30+ years in real estate that expands across every area of the market; well beyond simply making an offer on a house. This allows us to be a sounding board for our clients in every aspect of the deal, from contracts and negotiations, to home improvement, to loans, and everything in between.
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