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PGIM Real Estate sells The Arbor at Delray for at least $140M
The Arbor at Delray spans 7.2 acres and totals 224,951 square feet, with 207 apartments plus separate recreational clubhouse and nursing home space.
PGIM Real Estate has sold The Arbor at Delray, a relatively new assisted living facility in Delray Beach, Fla., for at least $140 million, a deal described as one of the largest South Florida retirement home sales in recent years, according to Commercial Observer.
Chevy Chase, Md.-based Artemis Real Estate Partners acquired the 7.2-acre property, which totals 224,951 square feet and includes 207 apartments at 6595 Morikami Park Road. The complex also features a 35,586-square-foot recreational clubhouse and a 51,461-square-foot nursing home, and the sale works out to just under $676,300 per unit, though it is unclear whether the deed value includes the business operations.
Commercial Observer reports that PGIM Real Estate completed the property in 2023. Two years earlier, PGIM-backed Alliance Residential Company bought the land for $8.2 million and secured a $45.7 million construction loan from Dallas-based Comerica Bank, The Real Deal reported.
The deal comes as assisted living demand in Palm Beach County has increased this year, with Florida occupancy nearing 90 percent and monthly rents averaging more than $5,000 in the second quarter of 2026, based on Colliers data cited by Commercial Observer. Commercial Observer also notes that Healthpeak Properties recently bought a 136-unit facility in Boynton Beach for at least $62 million, and that representatives for Artemis and PGIM did not immediately respond to requests for comment.