Greystar and Artemis Real Estate Partners have acquired a 220-unit age-restricted apartment community in Palm Beach Gardens for $69.4 million.
According to public records and data from Vizzda, Greystar, headquartered in Charleston, South Carolina, and Artemis, based in Chevy Chase, Maryland, purchased Everleigh Palm Beach Gardens at 3660 RCA Boulevard from United Group of Companies and Sina Companies. The buyers secured a $50.1 million loan from PGIM Real Estate. This purchase equates to approximately $315,455 per unit.
The complex was developed in 2021 by United Group, based in Troy, New York, and Sina, which is based locally in Palm Beach Gardens. The property consists of two L-shaped buildings situated on a 10.7-acre site that was formerly home to the Amara Shrine Center, a fraternal organization, on RCA Boulevard.
Everleigh offers one- and two-bedroom apartments exclusively for residents aged 55 and older, according to the community’s website.
Listings on Apartments.com indicate that monthly rents range from $2,764 to $6,910. The community’s website also notes that residents may receive up to two months of free base rent.
Greystar, led by CEO Bob Faith, is an investment, development, and management firm specializing in multifamily properties, including student and senior housing as well as logistics assets. The company manages about 1.1 million multifamily units, oversees roughly $79 billion in assets under management, and is involved in $36 billion worth of development projects.
Earlier this year, Greystar sold the 284-unit Elan Polo Gardens at 4310 Chukka Lane in unincorporated Palm Beach County to Property Reserve, the real estate division of The Church of Jesus Christ of Latter-day Saints, for $102.4 million. Following that sale, Greystar purchased the 358-unit Avana at the Moors at 6200 Northwest 173rd Street in unincorporated Miami-Dade County for $93.5 million.
In May, Greystar also acquired a 36-acre industrial site in Coconut Creek, approved for the development of three warehouses, at the intersection of Lyons Road and Atlantic Boulevard, for $30.5 million.
Artemis, an investment manager with more than $16 billion in real estate acquisitions, was set to be acquired by Barings, headquartered in Charlotte, North Carolina, earlier this year, according to Artemis’ website. The financial details of the transaction were not disclosed.
Florida has long been a popular destination for retirees, and senior housing in South Florida continues to experience consistent demand. These senior living communities promote independent, active lifestyles, distinguishing them from facilities that provide assisted living, memory care, or skilled nursing services.
This ongoing demand has attracted significant interest from investors and developers.
For example, in January, AEW Capital Management purchased the 424-unit Wellington Bay senior living complex at 2590 Wellington Bay Drive in Wellington for $100.1 million. Last year, Walton Street Capital acquired the 136-unit Alamar Senior Living at 8785 Lake Worth Road in unincorporated Palm Beach County for $23.5 million.
Developer Lewis Swezy’s Centennial Management is planning an 80-unit age-restricted rental building at 4052 Northwest 22nd Avenue near the Earlington Heights Metrorail station in Miami-Dade County. The project is intended for residents 55 and older earning between 30 percent and 80 percent of the area median income. Additionally, in January, Pinnacle proposed a 110-unit affordable senior apartment development at the southeast corner of South Dixie Highway and Southwest 250th Street in the Princeton neighborhood of Miami-Dade.
Read more
