Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach

Developer paid $8M for 7.2-acre site

Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)

A 187-unit apartment complex for seniors is on tap west of Delray Beach, after the developer bought the site and scored a $45.7 million construction loan.

Alliance Residential Company, based in Phoenix, Arizona, bought the land at 6595 Morikami Park Road from an affiliate of Miami-based Millennium Management for $8.2 million, records show.

Dallas-based Comerica Bank provided the financing.

Alliance Residential, a multifamily developer and investor, led by Bruce Ward, is building the rental community with a 125-spot parking lot on 7.2 acres, according to its notice of construction commencement.

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The project will be under Alliance’s Holden senior housing brand. It also has a Marvelle active adult communities brand, a Prose workforce housing brand and a Broadstone brand for other rental projects, according to its website.

In some of its other Palm Beach County ventures, Alliance is co-developing a 280-unit apartment project in West Palm Beach with The Carlyle Group. They scored a $42.9 million construction loan in February for the project.

Florida has for long been a prime choice among retirees, making senior rental housing and assisted living facilities prime real estate.

Several assisted living facilities have traded in recent months. Among them, Fortress Investment Group bought the Sonata center in Coconut Creek for $11.9 million in May. And Midtown Al Propco, led by Moshe Soskin and Joseph Hirsch, bought Midtown Manor assisted living for $9.7 million in March.