A 207-unit assisted-living complex near the Morikami Japanese Gardens in unincorporated Palm Beach County has changed hands for $140 million, landing among the largest assisted-living facility sales in South Florida history. Artemis Real Estate Partners bought The Arbor at Delray, a four-story building at 6595 Morikami Park Road, from PGIM Real Estate in a deal that works out to $676,329 per unit.
The sale was first reported by The Real Deal, which detailed the property’s path from construction to this month’s blockbuster transaction. PGIM Real Estate, based in Newark, New Jersey, had backed some Alliance Residential Company projects, and Alliance Residential received a $45.7 million construction loan for the facility from Comerica Bank, a Dallas-based lender, back in 2021, according to Vizzda records cited in the report. The Arbor at Delray was completed in 2023, spans 225,000 square feet, and sits on 7.2 acres.
A Nautical-Themed Property Built for a Premium Market
The Arbor at Delray was designed by MSA Architects and built by Alliance Residential with a nautical, yacht-inspired interior concept, a design that earned it a nomination in the 2023 Senior Housing News Architecture & Design Awards, according to Senior Housing News. The community’s unit mix includes 70 assisted-living residences, 76 independent-living apartments, and 41 memory-care suites operating under Florida License #13841, per Care Changes, with average monthly resident rates of $7,635 and a range spanning $5,920 to $9,350.
Deborah Harmon and Alex Gilbert lead Artemis Real Estate Partners, which is based in Chevy Chase, Maryland. The firm’s purchase comes on the heels of raising more than $1.16 billion for its third dedicated healthcare real estate fund, according to Angel Investors Network, with commitments from major institutional backers including the California State Teachers’ Retirement System and the New York State Common Retirement Fund. Artemis has also been active on the debt side, co-originating a $235 million senior housing loan package with IRA Capital in June, secured by Class-A properties totaling 534 units in Washington and Oregon, according to Morningstar.
Why Investors Keep Circling Florida Senior Housing
The Arbor at Delray deal lands amid a broader institutional buying spree in Palm Beach County senior care real estate. In July, an out-of-state institutional investor acquired the neighboring HarborChase of Boynton Beach and Delray Dunes Golf Club. Just west of Delray Beach, construction is underway on All Seasons Delray, a $75 million, 153-unit senior living complex on Lyons Road that broke ground in February and is slated to open in 2028…