KA Real Estate buys development site near West Palm Beach

Kenneth Tropin's Graham Capital Management is seller of 20-acre site, within the Vista Center business park

Miami /
May.May 21, 2018 03:30 PM

Vista Center business park and KA Real Estate’s Max Newland

UPDATED May 21, 4:50 p.m.: An affiliate of Kayne Anderson Real Estate just paid $6.2 million for a 20-acre development site within the Vista Center business park near West Palm Beach, property records show. Plans are to build a senior housing facility with about 250 units.

The site at 2810 Vista Parkway sits next to the Emerald Dunes golf club, within the Vista Center, a 500-acre master-planned, mixed-use development with over 3.3 million square feet of commercial space.

Vista Center Parcel 6 LLC, a company tied to Kenneth Tropin’s Graham Capital Management, is the seller. Records show the company paid $6.9 million for the property in 2015. Records also reveal Graham applied for several zoning changes to allow for a senior living facility to be built on the site, before selling the property.

KA Real Estate’s Max Newland, who leads the senior housing real estate team, said the firm is partnering with senior living community developer, manager and operator Discovery Senior Living to build and manage the project. Newland said the partnership plans to deliver about 250 units and is currently in discussion with construction lenders.

In 2016, KA Real Estate paid $38 million to buy a newly completed 120-unit assisted living and memory care facility in Palm Beach Gardens. And in 2015, KA Real Estate sold a senior housing community in Parkland for $79 million.

The firm, which has an office in Boca Raton, has invested in 74 senior housing communities in 25 states totaling 10,511 units, according to its website.

Graham Capital, based in Rowayton, Connecticut, is an asset manager that has an office in West Palm Beach. Last year, Tropin, it’s chairman and founder, sold his beachfront estate in Palm Beach for $20.4 million.


Related Articles

arrow_forward_ios
Clockwise from top left: 375 South County Road, 225 Worth Avenue, 220 Peruvian Avenue and 219 Worth Avenue (Google Maps) 
Burton Handelsman sells Palm Beach retail, offices for $58M
Burton Handelsman sells Palm Beach retail, offices for $58M
An aerial of 307 Melody Lane in Lantana (Colliers)
Multifamily portfolio in Palm Beach County hits market for $12M
Multifamily portfolio in Palm Beach County hits market for $12M
The Bristol at 1100 South Flagler Drive, West Palm Beach (Bristol, TV Guide)
Annenberg publishing heir sells condo at The Bristol in WPB for $8M
Annenberg publishing heir sells condo at The Bristol in WPB for $8M
2001 and 2007 Palm Beach Lakes Boulevard (Google Maps)
Investor continues buying spree, snags West Palm Beach office buildings for $7M
Investor continues buying spree, snags West Palm Beach office buildings for $7M
Jorge Perez and Jon Paul Perez and a rendering of the project (Getty, Quantum Space Studio)
Related scores $95M loan for two-tower luxury rental project in West Palm
Related scores $95M loan for two-tower luxury rental project in West Palm
Mike Maroone and 2235 Okeechobee Boulevard (Getty, Google Maps)
Maroone drives away with Roger Dean Chevy dealership in West Palm Beach for $13M
Maroone drives away with Roger Dean Chevy dealership in West Palm Beach for $13M
The Bristol (iStock)
Sweet deal? Candy shop owners spend nearly $7M on condo at The Bristol
Sweet deal? Candy shop owners spend nearly $7M on condo at The Bristol
Azola West Palm Beach and ZOM Living CEO Greg West (Google Maps, iStock)
ZOM sells West Palm Beach apartments for $48M
ZOM sells West Palm Beach apartments for $48M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...