A major seniors housing development is about to break ground in Palm Beach County, Florida, after the developers finalized the purchase of a 46-acre plot in a transaction handled by Charlie Hilding, Mark Myers and Josh Jandris of Institutional Property Advisors, a division of Marcus & Millichap. Additionally, Ryan Nee of Marcus & Millichap’s Fort Lauderdale office was the broker of record for the transaction.
Originally owned by a partnership and entitled for 462 units of seniors housing, the land sold for $23.25 million to a joint venture between Zom Living and Liberty Senior Living. This is multifamily developer Zom’s first seniors housing deal, and North Carolina-based Liberty’s first in Florida.
At a cost of $180 million, the proposed development will feature 424 units of independent living, assisted living and memory care. The first phase is expected to break ground early next year and will consist of 267 units plus some garden-style apartments. The land sale was financed by a $16.8 million bridge loan from Alabama-based CB&S Bank.