PGIM Sells Delray Beach Assisted Living Community for at Least $140M
By Julia Echikson August 17, 2026 1:59 pm
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PGIM Real Estate sold a relatively new assisted living facility in Delray Beach, Fla., for at least $140 million, marking one of the biggest South Florida retirement home sales in recent years.
Chevy Chase, Md.-based Artemis Real Estate Partners purchased the 7.2-acre asset, property records show. The 224,951-square-foot community, called The Arbor at Delray, houses 207 apartments at 6595 Morikami Park Road, just west of South Jog Road. The complex includes a 35,586-square-foot recreational clubhouse and a 51,461-square-foot nursing home.
The sale breaks down to just under $676,300 per unit, though it’s unclear whether the $140 million figure listed on the deed also includes the operations for the business, which could boost the price tag.
PGIM Real Estate, part of insurance giant Prudential Financial, completed the property in 2023. Two years earlier, PGIM-backed Alliance Residential Company purchased the land for $8.2 million and secured a $45.7 million construction loan from Dallas-based Comerica Bank, The Real Deal reported.
There’s been an uptick in the number of assisted living facilities across Palm Beach County this year as the occupancy rate in Florida neared 90 percent, with monthly rents averaging over $5,000 in the second quarter of 2026, according to data from Colliers. Just last week, Healthpeak Properties bought a 136-unit facility in Boynton Beach for at least $62 million.
Representatives for Artemis and PGIM did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
