Brookfield Asset Management buys Mill Basin senior living facility for $31.1M

Brookfield Asset Management has purchased the Sunrise at Mill Basin senior living facility from Healthpeak Properties for $31.1 million. The 107,569-square-foot building is located at 5905 Strickland Avenue.

The purchase is part of Healthpeak’s larger plan to sell up to $4 billion in senior housing assets. In February, Senior Housing News reported the sales are more than halfway complete, with Brookfield purchasing their Sunrise Villa Tuckahoe in Virginia.

Brookfield also purchased the Brighton Gardens facility in Dayton, Ohio, back in March.

According to The Real Deal, investments in senior living facilities are a growing business. The Orbach Group purchased a portfolio of 700 age-restricted properties in a $75 million deal completed in May of 2020.

The Mill Basin deal closed on June 18, 2021, and was recorded on July 8, 2021. David Cohen was the signatory for Broofield’s entity Sjv 1 Mill Basin LLC. Jeffrey H. Miller and Adam G. Mabry signed for Healthpeak’s entity Hcp Sun1, Lp.

The 98-unit property has 107,569-square-feet of built space and no additional air rights for a total buildable of 71,106 square feet according to PincusCo’s analysis of city data. The sale price per built square foot is $289 per the analysis.

The property was previously purchased on October 21, 2003, for $17.1 million.

Over the past five years, there has been one NYC Department of Buildings permit application filed at the parcel valued at more than $20,000. One project was to change the building from a J-2 to a R-2, and increase the number of residential units from 98 to 99. Those plans were permitted on November 12, 2015.

The owners, according to the Department of Housing Preservation and Development, include Edward Frantz, head officer, and Marianne Boyango, agent. The business entities are Sunrise Senior Living Management Inc and Gwc-Mill Basin, Inc.

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