IPA Arranges $23M Sale of FL Lakefront Development Site

Marcus & Millichap worked on behalf of the seller. The new owner intends to break ground next year on a luxury senior living community.
A rendering of the future development
A rendering of the future development

Institutional Property Advisors (IPA) has facilitated the sale of a vacant 46-acre lakefront development site in Wellington, Fla., for $23.3 million. The buyer, a joint venture between ZOM Senior Living and Liberty Senior Living, plans to use the land for the construction of a $180 million multi-phase mixed-use senior housing community, slated to break ground during the first quarter of 2019.

Located at 2735 Nucare Lane, the upcoming property will be near a Whole Foods Market store and The Mall at Wellington Green. Featuring 424 independent living, assisted living and memory care units, the Class AA rental community is also set to include a 65,000-square-foot clubhouse and an amenity building. During the first phase of the project, the developer intends to build the clubhouse and 267 units, which will encompass single-story villas, three-story garden flats as well as residences within a six-story building attached to the amenity building.

The development site
The development site

IPA Director Charles Hilding, along with Executive Managing Director Mark Myers and Senior Managing Director Joshua Jandris acted on behalf of the seller, a private investment partnership. Ryan Nee, vice president & regional manager of Marcus & Millichap’s Fort Lauderdale office, brokered the transaction.

At the beginning of the year, IPA arranged the sale of Urban Style Flats, a 481-unit property in St. Petersburg, Fla.

Images courtesy of Institutional Property Advisors