Two senior living facilities in South Florida have changed hands amid rising demand for the asset class.

An entity tracing to Artemis Real Estate Partners purchased a 6-year-old Delray Beach property that offers the full continuum of care for seniors last week for $140M, according to property records provided by Vizzda.

Artemis bought the four-story Arbor at Delray at 6595 Morikami Park Road from PGIM Real Estate. The 207-unit, 225K SF facility was built in 2023 and offers independent living units starting at $6,390, assisted living units starting at $5,920 and memory care units starting at $8,990, according to its website.

In a separate deal, Bethesda, Maryland-based Meridian Senior Living purchased The Preserve at Palm-Aire in Pompano Beach for $32M from The Carlyle Group.

The seven-building facility at 3701 W. McNab Road in Pompano Beach includes independent and assisted living and memory and respite care, according to its website. Carlyle sold the 318K SF property for roughly $4M less than it paid in 2013 to acquire it, the South Florida Business Journal reported.

The deals are just the latest made in a rush of investors into the senior housing space. There were more than $12.1B of U.S. senior living property trades in the first quarter, the most of any quarter in at least 20 years, according to MSCI data provided to Bisnow.

SALES

An entity tracing to J.P. Morgan Investment Management purchased two Miami-Dade County warehouses from O-Jo & Associates LTD, managed by Scott Brown, for $38.5M, according to property records provided by Vizzda.

The 218K SF of industrial buildings were built between 1981 and 1988. In a sign of how institutionalized the area's industrial market has become, the asset management arm of the largest U.S. bank paid 19 times more than the $2M the Kendall warehouses at 12176 SW 128th St. sold for in 2006.

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Two Roads Development and Newgard Development Group sold a downtown development site that was supposed to be part of the $1.5B One Brickell Riverfront project.

Prosper Group and Versluys Group joined forces to acquire the site at 66 SW Sixth St. for $50M, according to property records provided by Vizzda and a release.

Miami-based Vaster provided a $30.5M mortgage for the acquisition.

Newgard and Two Roads are building the first two towers, the 362-unit Lofty Brickell and the 422-unit Standard Residences, of One Brickell, which received a $513M construction loan in September.

Prosper and Belgium-based Versluys announced their joint venture's plan last year to take over the third piece of the One Brickell assemblage and build a $650M project with 181 luxury units across 60 stories on the site, up from 158 originally planned. The project will have more than 300 feet of direct access to the Miami River.

FINANCING

Miami Design District Associates landed a $125M construction loan for an office and retail project in the Miami Design District, the South Florida Business Journal reported.

Crédit Agricole Corporate and Investment Bank provided the financing for Sweetbird North at 95 NE 40th St., which broke ground this month. The project is planned to rise eight stories with 92K SF of office and 22K SF of ground-floor retail.

Cottonwood Group provided $50M in mezzanine financing to Giuseppe Iadisernia for the East Tower at Oasis Hallandale, according to a release.

WD Capital Group arranged the loan for the 25-story, 250-unit condominium in Hallandale Beach.

The loan will carry the project through construction, which is in its final phase, and condo sellout. The one- to three-bedroom condos are selling for between $580K and $3.5M.

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Nolan Reynolds International landed $177M combined from Starwood Property Trust and Ramsfield Hospitality Finance to refinance the 6-year-old Thesis Miami mixed-use project in Coral Gables, The Real Deal reported.

Starwood provided a $135M loan for the 204-unit multifamily portion at 1340 S. Dixie Highway, where units range from studios starting at $3,800 a month to three-bedroom apartments that rent for $9,400.

Ramsfield Hospitality provided a $42M loan for the 245-key Curio Collection by Hilton. The financing will fund upgrades to the 10-story building at 1350 S. Dixie Highway.

LEASES

Powerhouse Engines signed a 90K SF lease to relocate its headquarters to West Kendall, adjacent to the Miami Executive Airport, at a project Hamilton Development is building, according to a release.

The aviation maintenance and repair company that specializes in commercial aircraft turbine engines preleased two entire buildings at the under-construction Tamiami Logistics Center at 14100 SW 136th St.

Fairchild Partners’ Jose Juncadella, Sebastian Juncadella and Jonathan Lay brokered the deal, which is only about a half-mile move for Powerhouse from 14080 SW 143rd Court.

THIS AND THAT

Miami-based Gencom is splitting its operations into two different business lines between Gencom Capital and Gencom Real Estate, according to a release.

Gencom Capital, which will be led by Chief Investment Officer Alessandro Colantonio, will be responsible for investment strategy, acquisitions, capital formation and allocation, capital markets, portfolio management, investor relations, and equity and debt platforms.

The firm also named Ignasi Puig managing director of acquisitions and investments, Peter Trujillo managing director of corporate investments and Blythe Pierre-Louis managing director of special situations.

Donald McGregor will lead Gencom Real Estate, overseeing development, construction and asset management. The company also named Shaun Johnston head of portfolio finance and accounting and Jake Lynch senior vice president of asset management. 

Gencom, led by founder and principal Karim Alibhai, is looking to expand its hotel investments to the West Coast and internationally after buying $1B of luxury hotels in New York and Miami, Alibhai told Bisnow earlier this year.