Artemis Buys PGIM's Arbor at Delray Senior Complex for $140M
Artemis Real Estate Partners paid $140M for PGIM's 207-unit Arbor at Delray senior community, about $676,000 per unit.
Artemis Real Estate Partners paid $140 million for The Arbor at Delray, a 207-unit assisted living, independent living and memory care community at 6595 Morikami Park Road in unincorporated Palm Beach County near Delray Beach, buying it from PGIM Real Estate.
Why it matters
This is one of the largest senior housing trades in Florida this year and lands a fresh basis comp for anyone underwriting seniors product in South Florida. The community was built in 2023, so Artemis is paying a stabilized-asset price for a building with almost no deferred maintenance, not a value-add discount. PGIM developed and held the property through lease-up before selling, and the sale shows an institutional owner cashing out of a newly stabilized asset rather than holding for a longer income run. For developers weighing land in the Delray Beach and western South Florida corridor against multifamily, this deal sets a per-unit ceiling institutional capital will pay for purpose-built seniors housing there today.
The numbers
The Arbor at Delray spans 207 units across assisted living, independent living and memory care, on a 7.2-acre site with about 225,000 square feet across four stories. At $140 million, the deal works out to roughly $676,000 per unit. Artemis is drawing on Healthcare Real Estate Fund III, its dedicated senior housing and medical office vehicle, which had raised $1.1575 billion from 16 investors as of a November 2025 SEC filing, the capital base behind this and other recent seniors-housing buys. Artemis is led by co-CEOs Deborah Harmon and Alex Gilbert.
What’s next
Neither side has disclosed a lender or whether Artemis plans operational changes at the community, which continues to operate under its existing brand. Developers tracking Palm Beach County seniors housing should watch whether this basis holds on the next stabilized ALF trade to close, or whether $676,000 a unit turns out to be a high-water mark set by a newly built asset with no lease-up risk left to price in.