A large senior living community near Delray Beach has sold for $140 million, underscoring continued institutional interest in healthcare and senior housing properties across South Florida.

Artemis Real Estate Partners acquired The Arbor at Delray, a 207-unit community at 6595 Morikami Park Road in unincorporated Palm Beach County, from PGIM Real Estate.

The transaction equates to approximately $676,000 per unit.

The four-story property encompasses approximately 225,000 square feet on 7.2 acres and was completed in 2023. The community provides a combination of independent living, assisted living and memory care, positioning it within a segment attracting increased attention from real estate investors seeking exposure to the healthcare and aging-services sectors.

Artemis Real Estate Partners is based in Chevy Chase, Maryland. The firm has raised more than $1.1 billion for its third healthcare-focused real estate fund, which targets investments including senior housing and medical office properties.

The transaction comes as Palm Beach County continues to see significant activity involving senior housing assets. The county has a particularly large older population, supporting demand for residential communities offering various levels of care and helping make the sector attractive to institutional capital.

The sale also illustrates the overlap between healthcare real estate and traditional commercial real estate investment, as large private investment managers increasingly pursue properties tied to demographic-driven healthcare and senior living demand.

Source: The Real Deal