Discovery Senior Living buys site in West Palm Beach

Plans are to build a new senior housing facility with 250 units

Miami /
Apr.April 02, 2019 12:30 PM

Richard J. Hutchinson, CEO of Discovery Senior Living, and 2810 Vista Parkway (Credit: Google Maps)

Discovery Senior Living paid $11.05 million for a 20-acre site next to the Emerald Dunes golf club in West Palm Beach, with plans to build senior housing.

The company bought the property at 2810 Vista Parkway within Vista Center from Kayne Anderson Real Estate for about $124 per square foot, records show.

The new senior living facility will be inside the 500-acre master-planned, mixed-use Vista Center development, which has over 3.3 million square feet of commercial space.

Discovery scored a $8.3 million loan from HCP Inc., formerly Healthcare Property Investors, to acquire the property, records show.

Kayne Anderson Real Estate purchased the property in May for $6.2 million. At the time, KA Real Estate’s Max Newland, who leads the group’s senior housing real estate team, told The Real Deal it was partnering with Discovery Senior Living to build and manage the project. Newland said the new senior living facility will consist of about 250 units.

Bonita Springs, Florida-based Discovery Senior Living has a portfolio of more than 8,500 existing and under development units for seniors. It also owns Aston Gardens in Parkland and Discovery Village at Boynton Beach.

Palm Beach County is a popular destination for senior living development. In December, Denver-based Grand Peaks Properties paid $21.4 million for a 252-unit affordable senior living facility in West Palm Beach. 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.


Related Articles

arrow_forward_ios
From left: BlackRock's Larry Fink and Related Companies' Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)
BlackRock lands in West Palm Beach
BlackRock lands in West Palm Beach
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)
JV scores $87M construction loan for West Palm Beach office projects
JV scores $87M construction loan for West Palm Beach office projects
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, Banyan Cay, Illustration by The Real Deal with Getty)
Developers of troubled West Palm resort project facing $61M foreclosure
Developers of troubled West Palm resort project facing $61M foreclosure
Related chairman and CEO Jorge Pérez in front of 4906 North Flagler Drive (Related, Getty Images, Zillow)
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
From left: One Flagler in West Palm Beach, 830 Brickell in Brickell, and Eighteen Sunset in Miami Beach (Getty, Related Southeast, LoopNet, Koniver Stern Group)
Spurred by new-to-market firms, South Florida office rents hit record highs
Spurred by new-to-market firms, South Florida office rents hit record highs
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
Rendering of the Olara development by New York-based Savanna in West Palm Beach with Savanna's Chris Schlank (Arquitectonica, Illustration by The Real Deal)
Olara is latest residential high-rise development planned in West Palm Beach
Olara is latest residential high-rise development planned in West Palm Beach
arrow_forward_ios

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

Loading...