Add Row 
Add 
Leo Friedman Expands His Senior Living Footprint in Florida
In a bold move reflecting his ambition in the senior living sector, controversial tycoon Leo Friedman has acquired the Abbey Delray facility in Delray Beach for a noteworthy $30 million. This deal, completed through his company Citadel Care Centers, adds another 472-unit facility to his portfolio, which already includes several senior housing projects in New York.
A Closer Look at Abbey Delray's Offerings
Located on a sprawling 25.7-acre site, the Abbey Delray complex features a rich array of services: a 327-bed independent living center, a 48-bed assisted living center, a 120-bed nursing home, and a 30-bed memory care unit. This diverse offering aims to provide seniors with choices that cater to different levels of support and lifestyle preferences, from independent living to specialized care for those with memory challenges.
The Broader Trend: Senior Living Investments in Florida
Florida's appeal to retirees continues to drive robust investments in senior living facilities. Recently, other notable transactions in the region include Welltower's acquisition of Oakmonte Village in Davie for $34.3 million and Focus Healthcare Partners' purchase of Mariposa for $63.8 million. This trend signals a growing demand for high-quality care and accommodation options targeting Florida's rapidly aging population.
Friedman’s Controversial Past: Will It Impact Future Operations?
Despite the promising acquisition, Friedman's past is shadowed by controversy. His affiliated consulting group, The Plaza Citadel Consulting Group, has faced serious allegations, settling a civil health care fraud lawsuit regarding improper Medicare plan switches. Such controversies could raise questions about operational ethics and the quality of care provided in these facilities, resonating deeply with potential residents and their families.
What This Sale Means for Florida Homeowners
With more than 25% of Florida’s population being over 65, the growth of senior living facilities like Abbey Delray may directly influence local real estate trends. For homeowners considering capitalizing on the elderly demographic, understanding these dynamics can guide their investment decisions and provide opportunities within the burgeoning healthcare sector.
Add Row 
Add 
Write A Comment