Key Takeaways
- • KA Real Estate acquired a 20-acre development site in Vista Center near West Palm Beach for $6.2 million, planning to build approximately 250 senior housing units.
- • The buyer partnered with Discovery Senior Living, an established senior living community developer and operator, to build and manage the project.
- • The seller, Vista Center Parcel 6 LLC (tied to Kenneth Tropin's Graham Capital Management), had purchased the property for $6.9 million in 2015 and secured zoning approvals for senior living use before the sale.
- • KA Real Estate has an extensive senior housing portfolio of 74 communities across 25 states comprising 10,511 units, with recent Florida acquisitions including a $38 million purchase of a 120-unit assisted living facility in Palm Beach Gardens in 2016.
Summary
KA Real Estate, through an affiliate, closed on a $6.2 million acquisition of a 20-acre parcel located at 2810 Vista Parkway within the Vista Center business park, a 500-acre mixed-use development near West Palm Beach. The site, positioned adjacent to Emerald Dunes golf club, is slated for conversion into a senior housing community with approximately 250 units.
The seller, Vista Center Parcel 6 LLC, is an entity connected to Kenneth Tropin's Connecticut-based Graham Capital Management asset firm. Graham Capital had acquired the property in 2015 for $6.9 million and previously applied for zoning modifications to facilitate senior living development before divesting the asset. The prior zoning work by the seller positioned the site for immediate development under the new owner's plans.
KA Real Estate will develop and operate the project in partnership with Discovery Senior Living, a specialist in building and managing senior communities. Max Newland, who heads KA Real Estate's senior housing division, noted the partnership is in active discussions with construction lenders to finance the project. The transaction reflects KA Real Estate's focused expansion in the senior housing segment; the firm's portfolio encompasses 74 communities in 25 states totaling 10,511 units. Recent comparable transactions include KA Real Estate's 2016 purchase of a 120-unit assisted living and memory care facility in Palm Beach Gardens for $38 million.
The seller, Vista Center Parcel 6 LLC, is an entity connected to Kenneth Tropin's Connecticut-based Graham Capital Management asset firm. Graham Capital had acquired the property in 2015 for $6.9 million and previously applied for zoning modifications to facilitate senior living development before divesting the asset. The prior zoning work by the seller positioned the site for immediate development under the new owner's plans.
KA Real Estate will develop and operate the project in partnership with Discovery Senior Living, a specialist in building and managing senior communities. Max Newland, who heads KA Real Estate's senior housing division, noted the partnership is in active discussions with construction lenders to finance the project. The transaction reflects KA Real Estate's focused expansion in the senior housing segment; the firm's portfolio encompasses 74 communities in 25 states totaling 10,511 units. Recent comparable transactions include KA Real Estate's 2016 purchase of a 120-unit assisted living and memory care facility in Palm Beach Gardens for $38 million.
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