The Real Deal Miami

Kayne Anderson buys new Palm Beach Gardens senior housing complex for $38M

Firm sold a senior housing community in Parkland for $79M late last year
By Katherine Kallergis | September 22, 2016 03:00PM

Discovery Village at Palm Beach Gardens (Inset: Richard Kayne)

Discovery Village at Palm Beach Gardens (Inset: Richard Kayne)

A senior housing developer and operator sold a newly completed community in Palm Beach Gardens to an affiliate of Kayne Anderson Capital Advisors.

Records show Discovery Senior Living, led by CEO Thomas J. Harrison, sold the 9.85-acre property at 100 Discovery Way. Kayne Anderson financed the deal with a $26.6 million mortgage from Texas Capital Bank.

Discovery Village at Palm Beach Gardens was completed earlier this year and includes 120 residences for independent living, assisted living and memory care. A press release from the project’s groundbreaking describes it as a $35 million project.

Discovery Village offers its residents meal service, scheduled transportation, health and wellness services, onsite medical and therapy services, housekeeping and social and recreational activities. The 130,000-square-foot development also has a clubhouse with dining rooms, social areas, a game room, indoor heated wellness pool, a salon and spa, media center and a hobby/craft center.

ACI of Largo designed the complex with Wegman Design Group. The Henning Group was the general contractor, according to a previous release.

Through another entity, Kayne Anderson sold a senior housing community in Parkland for $79 million late last year.

The investment firm, which has an office in Boca Raton, manages more than $23 billion in assets in private equity, managed accounts and closed-end funds for individual and institutional investors, according to its website.