An ownership group has spun off the Imperial Club assisted/independent living tower in Aventura, which sold for $43.2 million.

First Baptist Housing of Bridgeport in partnership with Silver Tree Residential, sold the 14-story, 213-unit assisted living facility at 2751 N.E. 183rd Street to Southside Church of God in Christ in partnership with Smith & Henzy Affordable Group. The price equated to $202,793 per unit. The building last traded for $22.91 million in 2019.

Totaling 206,281 square feet, Imperial Club was built on the 1.37-acre site in 1986. It includes a fitness center, a dining hall and a pool.

The S. Florida Business Journal reports that the Imperial Club will be converted into independent living for low-income seniors following renovations. The income restriction allowed the developer to tap government financial assistance for the acquisition and renovations. The Housing Finance Authority of Miami-Dade County recently issued $60 million in multifamily housing revenue bonds for the Imperial Club.