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13th Floor sells West Delray Beach active-adult community for $29.3M
The Solera at Avalon Trails deal closed at $29.3 million, with Robbins Property Associates buying the 7.6-acre community built in 2024.
13th Floor Investments has sold Solera at Avalon Trails, an active-adult housing community for residents 55 and older in West Delray Beach, Florida, for $29.3 million, according to property records cited by Commercial Observer.
Robbins Property Associates acquired the 7.6-acre asset on Cumberland Drive. The community has 74 single-story homes, with two- and three-bedroom villas ranging from about 1,300 to 1,450 square feet.
Commercial Observer reports the developer completed the project in 2024, a year after securing a $14.1 million construction loan from CIBC Bank. Berkadia originated a $19.2 million fixed-rate acquisition loan for Robbins Property Associates.
Walker & Dunlop represented the Miami-based developer in the transaction, Commercial Observer said.