13th Floor Investments has sold a newly built residential complex for residents aged 55 and over in West Delray Beach, Florida, for 29.3 million US dollars. The buyer is Robbins Property Associates, according to property records. The transaction concerns the 7.6-hectare property named Solera at Avalon Trails.
The complex comprises 74 single-storey homes and is located at 14800 Cumberland Drive, approximately one mile west of South Jog Road. Mike Nunziata, President of the 13th Floor Homes Division of 13th Floor Investments, stated that the vision was to create a thoughtfully designed community that met the evolving needs of active adults. These individuals valued the flexibility of renting, a maintenance-free lifestyle, and access to comprehensive amenities.
The development was completed in 2024, after the Miami-based developer had received a 14.1 million US dollar construction loan from CIBC Bank a year prior, in 2023. The two- or three-bedroom villas range in size from approximately 1,300 to 1,450 square feet.
Financing and Market Environment
Berkadia arranged a 19.2 million US dollar fixed-rate acquisition loan for Robbins Property Associates. Mitch Sinberg, Brad Williamson, Scott Wadler, and Hugo Hernandez from the brokerage firm arranged the ten-year, Freddie Mac-backed loan. The Tampa-based buyer already owns two multi-family properties in South Florida.
The region has seen an increase in sales of senior living properties in recent months. For example, in August, PGIM Real Estate sold a relatively new assisted living facility, also in Delray Beach, for at least 140 million US dollars. This underscores the current appeal of this specific market segment in South Florida.
Project Participants
- —Seller: 13th Floor Investments
- —Buyer: Robbins Property Associates
- —Financing Arranger: Berkadia
- —Lender: Freddie Mac
