An assisted-living facility near Delray Beach traded for $140 million, marking one of the top trades for senior centers in South Florida in recent years.
Chevy Chase, Maryland-based Artemis Real Estate Partners bought the 207-unit The Arbor at Delray complex at 6595 Morikami Park Road in unincorporated Palm Beach County from Newark, New Jersey-based PGIM Real Estate, according to records and real estate database Vizzda. The deal breaks down to $676,329 per door.
Artemis, an investment manager, is led by Deborah Harmon and Alex Gilbert.
The Arbor consists of a four-story building spanning 225,000 square feet completed in 2023 on 7.2 acres, Vizzda records show. The higher deal price may be due to The Arbor’s more recent construction.
In 2021, Alliance Residential Company, which is backed by PGIM for some of its projects, scored a $45.7 million construction loan for the assisted-living facility from Dallas-based Comerica Bank.
Florida’s reputation as a magnet for retirees has translated to a booming investment sales market for assisted-living facilities. The asset class is considered more resilient to broader real estate and financial market fluctuations due to continued demand for units.
In March, ALFs entrepreneur Jorge Carmenate sold a 68-unit group home, Colonial Assisted Living at 2801 Northwest 55th Avenue in Lauderhill, for $20 million. The deal was for double the price Carmenate paid two years ago.
Last year, ALFs tycoon Leo Friedman, through his Citadel Care Centers company, paid $30 million for the 472-unit Abbey Delray senior living facility in Delray Beach. That came after Welltower bought a 220-bed assisted and independent living complex for seniors at 8201 Stirling Road in Davie for $34.3 million.
ALF construction also is strong in South Florida. Last August, developer Eco Contracting LLC, led by Gennady Kiselman, scored approval for a 164-bed ALF in Davie. Project architect Manuel Synalovski told the Davie Town Council at the time that the need in Broward County is hefty. The county has about 9,600 ALF beds, even as about 360,000 Broward residents need ALF services, or 18 percent of the county population, Synalovski said, citing studies.
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