PGIM Real Estate, part of the Prudential Financial insurance group, has divested a recently completed senior living facility in Delray Beach, Florida, for at least US$140 million. This sale is one of the largest in the senior living sector in South Florida in recent years. The buyer of the 7.2-hectare property is Artemis Real Estate Partners, based in Chevy Chase, Maryland, according to land registry records.
The community facility, named “The Arbor at Delray”, comprises 207 apartments across 224,951 square feet. It is located at 6595 Morikami Park Road, west of South Jog Road. The complex includes a 35,586 square foot recreational clubhouse and a 51,461 square foot nursing home.
Transaction Details
The sale price amounts to just under US$676,300 per unit. However, it remains unclear whether the US$140 million stated in the deed also includes the business operations, which could further increase the total value. PGIM Real Estate completed the property in 2023. Two years prior, PGIM-backed Alliance Residential Company acquired the land for US$8.2 million and secured a construction loan of US$45.7 million from Comerica Bank of Dallas, as reported by The Real Deal.
Market Developments in Florida
This year, the number of senior living facilities in Palm Beach County has increased. Data from Colliers show that the occupancy rate in Florida reached nearly 90 percent and average monthly rents in the second quarter of 2026 exceeded US$5,000. Just last week, Healthpeak Properties acquired a 136-unit facility in Boynton Beach for at least US$62 million.
Representatives from Artemis and PGIM were not immediately available for comment at the time of publication.
