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.
Palm Beach County's senior population reached roughly 401,800 residents aged 65 and older in 2024, making up 25.4% of the county's total population, well above Florida's statewide rate of 21.8% and the national rate of 18%, according to USAFacts. Assisted-living facilities have continued demand for units, and are considered resilient to broader real estate and financial market fluctuations, according to the report.
That demand is playing out nationally too. U.S. senior housing and care transaction volume hit $24 billion on a rolling four-quarter basis by late 2025, its highest annual total in a decade, as reported by Seniors Housing Business. National senior housing occupancy climbed to 88.7% by the third quarter of 2025 after 17 straight quarters of growth, while new construction starts fell to historic lows, according to NIC MAP data cited by Multi-Housing News. Cap rates for top-tier independent and assisted-living assets compressed to between 6.0% and 6.5% in prime markets by late 2025, per CBRE data — helping explain the premium per-unit price The Arbor commanded.
Other Recent Deals Point to a Statewide Pattern
The Arbor at Delray sale is one of several large assisted-living transactions to hit South Florida this year, the Real Deal's report notes. Welltower paid $34.3 million in 2025 for an assisted and independent living complex, and separately bought a 220-bed assisted and independent living complex for seniors at 8201 Stirling Road in Davie, a project for which Manuel Synalovski served as architect. Studies cited by Synalovski found that Broward County residents 65 and older represent 18 percent of the county's population, while Broward has about 9,600 assisted-living facility beds against an estimated need for roughly 360,000 residents requiring such services.
Other notable Florida deals cited in the report include Leo Friedman, who owns Citadel Care Centers, paying $30 million in 2025 for the 472-unit Abbey Delray senior living facility. In Lauderhill, Jorge Carmenate sold a 68-unit group home in March, and Colonial Assisted Living at 2801 Northwest 55th Avenue sold for $20 million the same month — a price Carmenate reportedly paid roughly half of just two years earlier. Separately, Eco Contracting LLC, led by Gennady Kiselman, received approval in August 2025 for a 164-bed assisted-living facility in Davie.
Florida's long-standing reputation as a magnet for retirees continues to underpin this wave of dealmaking, with open questions remaining about whether Artemis will retain The Arbor Company as the property's third-party operator and how upcoming supply, including the 2028-bound All Seasons Delray, could affect local occupancy and rents in the years ahead.
