IPA Arranges $23M Sale of FL Lakefront Development Site
- Sep 28, 2018
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.
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