13th Floor Sells Delray Beach Villa Rental Community for $29.3M

13th Floor Homes built a 74-villa rental community in west Delray Beach, leased it up, and sold it to an institutional owner for $29.3 million. Robbins Property Associates bought Solera at Avalon Trails, at 14800 Cumberland Dr in unincorporated Palm Beach County.

The price works out to about $396,000 a villa. The development team took a $14.1 million construction loan in 2023, so the exit came in at roughly twice that figure.

Why it matters

This is the build-to-rent playbook run start to finish: entitle, build, stabilize, sell to a manager that wants the income. 13th Floor, a division of 13th Floor Investments, did not hold the asset. It converted a finished, leased product into capital for its next projects.

The product is a single-story, gated community for adults 55 and older, with two- and three-bedroom villas of about 1,300 to 1,450 square feet. Robbins, a Tampa-based multifamily owner and operator, is paying for a stabilized rent roll rather than taking lease-up risk.

For developers, the signal is that age-restricted rental villas have a buyer at a per-door price near $400,000. Mike Nunziata, 13th Floor Homes division president, said the sale reflects “continued demand for high-quality rental housing in South Florida.”

The numbers

• Price: $29.3 million for 74 villas, about $396,000 each.
• Loan: $14.1 million from CIBC in 2023, per Florida YIMBY.
• Size: about 1,300 to 1,450 square feet per villa.
• Broker: Walker & Dunlop Capital Markets Investment Sales, led by Still Hunter.

The price-to-loan ratio is not a profit figure. It excludes land, equity, interest and sales costs, none of which were disclosed.

What’s next

Robbins now runs the community. The sale adds a South Florida build-to-rent comp for lenders and investors weighing similar villa projects.

13th Floor has other work in motion, including its Miami Beach demolition plan. Watch whether it recycles this capital into more rental product. More deal coverage is on our South Florida hub.