KA Real Estate buys development site near West Palm Beach

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.