New Jersey firm buys senior housing properties

            Portopiccolo Group, a family-run private equity firm based in Englewood Cliffs, N.J., has acquired a trio of senior housing properties for a combined $45.15 million in Collier and Sarasota counties, property records show.

            Portopiccolo Group bought the pair of nursing homes and an assisted living facility in Naples, Sarasota and Venice from entities controlled by Omega Healthcare Investors, a Hunt Valley, Md.-based company that owns nearly 1,000 senior housing sites nationwide.

            Omega Healthcare had spent $44.27 million to buy the same facilities in November 2016, according to county property records. Even with the sale, the company maintains more than 120 properties throughout Florida, including dozens along the Gulf Coast, according to its website.

            Combined, the Lakeside Pavilion Care and Rehabilitation Center, Pinebrook Venice and the Springboard Care and Rehabilitation Center contain 360 beds, state records indicate. Lakeside Pavilion is located at 2900 12th St. North, in Naples, and Springboard Care is at 4602 Northgate Court, in Sarasota.

            Of the three properties, the 1240 Pinebrook Road senior housing site fetched the most, at $21.05 million, likely because of its status as a skilled nursing facility and based on its occupancy and income.

            Officials from Portopiccolo Group did not respond to an inquiry for comment on its acquisitions.

            The company’s website says that its vision is one of “aggressive investing” and “accelerating performance.”

            “Integral to Portopiccolo Group’s success is our keen understanding of the key financial performance variables necessary to realize the potential of every asset,” the company’s website states.

            Major investment firms from HCP Inc. to Blackstone Group have acquired senior housing properties throughout the region in recent years to take advantage of Florida’s aging demographics and wealth concentration.

            Last May, HCP bought a pair of Discovery Village properties containing almost 400 beds, in Bradenton and Fort Myers, for nearly $85 million. In April 2017, Blackstone’s massive multiproperty deal with Welltower involving thousands of beds resulted in four area senior housing properties trading hands, in Sarasota and Winter Haven, for a combined $61.2 million, records show.