PGIM Real Estate, the real estate arm of insurance giant Prudential Financial, sold a Delray Beach assisted living community this month for at least $140 million. Break that number down by unit, and it comes to just under $676,300 for each of the 207 apartments at The Arbor at Delray, a price that puts this deal near the top of recent South Florida senior housing trades.
Artemis Real Estate Partners, a Chevy Chase, Maryland-based investment firm, bought the 7.2-acre property at 6595 Morikami Park Road, according to property records. The community includes a 35,586-square-foot clubhouse and a 51,461-square-foot nursing home alongside its residential units. PGIM had only owned the finished building since 2023; its affiliate, Alliance Residential Company, bought the land for $8.2 million in 2021 and financed construction with a $45.7 million loan from Comerica Bank. It’s unclear whether the $140 million sale price includes the value of the ongoing operating business along with the real estate, which could push the effective total higher.
Neither Artemis nor PGIM responded to requests for comment, so the deal itself doesn’t come with an explanation from either side. But it doesn’t exist in isolation. Just last week, Healthpeak Properties bought a 136-unit assisted living facility in nearby Boynton Beach for at least $62 million, or roughly $456,000 per unit, meaningfully less on a per-unit basis than what Artemis just paid. The gap between those two numbers is one way to see how much a newer, larger, more amenity-rich property like The Arbor commands over older or smaller product in the same corridor of Palm Beach County…