AEW Capital Management recently acquired the Wellington Bay senior living facility for $100.13 million in a deal reported by Commercial Edge. The property, located just west of West Palm Beach, was sold by Area Management and ZOM Senior Living.
The 749,488-square-foot facility at 2590 Wellington Bay Drive features 224 units with a combined total of 424 beds for independent living, assisted living and memory care residents. Amenities include a dining room, indoor and outdoor pools, spa services, salon services, wellness center facilities as well as social rooms. Liberty Senior Living currently operates the facility.
Construction on the project began in 2019 after securing an $89.03 million construction loan. AEW assumed the seller’s mortgage of $81.73 million with Capital One.
Palm Beach County has seen strong demand for senior housing due to its growing population of seniors; however rising interest rates have had an impact on sales prices across various types of commercial real estate properties.
