Key Takeaways
- • PGIM Real Estate sold The Arbor at Delray, a 207-unit assisted living community in Delray Beach, Fla., for at least $140 million, according to property records cited by Commercial Observer.
- • Chevy Chase, Md.-based Artemis Real Estate Partners is the buyer of the 7.2-acre asset, which works out to just under $676,300 per unit.
- • The price may not reflect the full picture: it is unclear whether the $140 million deed figure includes business operations, which could raise the effective price.
- • PGIM, part of Prudential Financial, completed the property in 2023 after its affiliate Alliance Residential acquired the land in 2021 for $8.2 million with a $45.7 million Comerica Bank construction loan.
- • The sale comes amid rising assisted living activity in Palm Beach County, with Florida occupancy near 90% and average monthly rents above $5,000 in Q2 2026 per Colliers.
Summary
PGIM Real Estate has sold a relatively new assisted living facility in Delray Beach, Florida, for at least $140 million, one of the largest South Florida retirement home sales in recent years, according to Commercial Observer. Chevy Chase, Md.-based Artemis Real Estate Partners purchased the property, according to property records.
The asset, called The Arbor at Delray, sits on 7.2 acres at 6595 Morikami Park Road, just west of South Jog Road. The 224,951-square-foot community includes 207 apartments, a 35,586-square-foot recreational clubhouse and a 51,461-square-foot nursing home. The sale equates to just under $676,300 per unit. Commercial Observer notes that it is unclear whether the $140 million deed figure also covers the operating business, which could increase the total price.
PGIM Real Estate, part of insurance giant Prudential Financial, completed the property in 2023. According to The Real Deal, PGIM-backed Alliance Residential Company bought the land two years earlier for $8.2 million and secured a $45.7 million construction loan from Dallas-based Comerica Bank.
The transaction takes place against a backdrop of increased assisted living activity across Palm Beach County. Data from Colliers show Florida occupancy nearing 90% and monthly rents averaging over $5,000 in the second quarter of 2026. Days earlier, Healthpeak Properties acquired a 136-unit facility in Boynton Beach for at least $62 million.
Representatives for Artemis and PGIM did not immediately respond to requests for comment.
The asset, called The Arbor at Delray, sits on 7.2 acres at 6595 Morikami Park Road, just west of South Jog Road. The 224,951-square-foot community includes 207 apartments, a 35,586-square-foot recreational clubhouse and a 51,461-square-foot nursing home. The sale equates to just under $676,300 per unit. Commercial Observer notes that it is unclear whether the $140 million deed figure also covers the operating business, which could increase the total price.
PGIM Real Estate, part of insurance giant Prudential Financial, completed the property in 2023. According to The Real Deal, PGIM-backed Alliance Residential Company bought the land two years earlier for $8.2 million and secured a $45.7 million construction loan from Dallas-based Comerica Bank.
The transaction takes place against a backdrop of increased assisted living activity across Palm Beach County. Data from Colliers show Florida occupancy nearing 90% and monthly rents averaging over $5,000 in the second quarter of 2026. Days earlier, Healthpeak Properties acquired a 136-unit facility in Boynton Beach for at least $62 million.
Representatives for Artemis and PGIM did not immediately respond to requests for comment.
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