Artemis Real Estate Partners has purchased The Arbor at Delray, a 207-unit assisted-living community near Delray Beach, for $140 million. The transaction ranks among South Florida’s largest recent senior-housing sales and underscores strong investor demand for newer facilities serving the region’s growing retiree population.
Key takeaways
- Artemis paid approximately $676,329 per unit for The Arbor at Delray.
- The 225,000-square-foot community was completed in 2023.
- PGIM Real Estate was the seller.
- South Florida’s assisted-living market continues to attract institutional capital and new development.
The deal, documented in property records and real estate database Vizzda, covers The Arbor at Delray at 6595 Morikami Park Road in unincorporated Palm Beach County. The four-story facility occupies 7.2 acres and contains 207 units.
A high-value sale for a newer facility
The purchase price reflects the premium often associated with recently built senior-living properties. The Arbor was completed in 2023, giving its new owner a modern asset with fewer immediate capital needs than an older community.
At roughly $676,329 per unit, the transaction stands out among recent assisted-living sales in South Florida. Artemis, an investment manager led by Deborah Harmon and Alex Gilbert, acquired the property from Newark, New Jersey-based PGIM Real Estate.
The facility’s development financing included a $45.7 million construction loan secured in 2021 by Alliance Residential Company, which was backed by PGIM for some projects. The financing came from Comerica Bank.
Senior housing remains an active investment sector
Florida’s appeal to retirees has helped make assisted living one of the region’s more resilient real estate categories. Investors continue to pursue senior-housing assets because demand for care and supportive services can remain relatively steady during broader market volatility.
Recent transactions illustrate the momentum. In March, a 68-unit assisted-living group home in Lauderhill sold for $20 million—about twice the price paid two years earlier. In Delray Beach, Citadel Care Centers acquired the 472-unit Abbey Delray senior-living facility for $30 million last year. Welltower also paid $34.3 million for a 220-bed assisted and independent living community in Davie.
Development pipeline points to continued demand
Sales activity is occurring alongside new construction. In Davie, Eco Contracting received approval last year for a 164-bed assisted-living facility, reflecting efforts to expand capacity in Broward County.
Local planning discussions have highlighted a significant gap between the number of available beds and the potential need for assisted-living services. That imbalance, combined with Florida’s aging population and established retirement market, is likely to keep attracting developers and institutional buyers to South Florida senior housing.
Sources
- PGIM Sells Florida Assisted Living Complex for $140 Million, The Real Deal.