DELRAY BEACH, Fla. — BRP Senior Housing Management, an affiliate of Big Rock Partners, has acquired a 15-acre site for a luxury seniors housing community in the Palm Beach County city of Delray Beach.
Development costs are estimated at $150 million for the property, which will feature 185 independent living units, 50 assisted living units and 44 memory care units.
This is the second large-scale seniors housing development in the county for BRP, following the 320-unit Atria at Villages of Windsor in suburban Lake Worth. The company also recently opened the $83 million, 239-unit Windsor at Celebration near Disney World.
“Given the demographics, Palm Beach County continues to be underserved when it comes to modern quality senior housing,” says Richard Ackerman, senior managing principal with BRP. “Today’s seniors and baby boomers have higher expectations that demand fresh approaches in a market where existing senior living developments were built on average 20-plus years ago.”
The development team includes SB Architects for design, Weitz Construction as general contractor, and Life Care Services as the eventual operator.
Trez Forman Capital financed the $9 million land acquisition, and Al Rex of Walker & Dunlop is the project’s financing advisor. Construction is projected to begin in summer 2019 for a 2021 opening.