No stranger to big senior living projects, Big Rock Partners (BRP) announced it will be building its second senior living community in Palm Beach County, Florida, at an estimated cost of $150 million, or over $530,000 per unit. BRP kicked it off with the $9 million acquisition of a 15-acre site in Delray Beach, where it will build 185 independent living, 50 assisted living and 44 memory care units.
LCS will operate the community upon completion in 2021. Trez Forman Capital financed the land acquisition, and Al Rex of Walker & Dunlop is the project’s financing advisor.
Last year, BRP opened a 320-unit community in Lake Worth at a cost of $106 million, which means the company’s total investment in Palm Beach County alone will top a quarter of a billion dollars. Not bad.