CHICAGO, Sept. 27, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of a vacant 46-acre lakefront development site in Wellington, Florida. The property sold for $23.25 million. Development is planned for a $180 million multi-phase mixed-use seniors housing community.
“Known for being one of the most affluent communities in the U.S., Wellington is continuously associated with some of the wealthiest people in the world,” says Charles Hilding, IPA director. “We designed a highly competitive sales process that focused on the unique demographic profile of the market and the irreplaceable nature of the site.”
Hilding, along with Mark Myers, IPA executive managing director, and Joshua Jandris, IPA senior managing director, represented the seller, a private investment partnership. Ryan Nee, vice president and regional manager of Marcus & Millichap’s Fort Lauderdale office, was the broker of record for the transaction. The buyer, a joint venture between Florida-based ZOM Senior Living and North Carolina-based Liberty Senior Living, intends to break ground on the project in Q1 2019.
The Class AA rental senior living community will feature more than 424 independent living, assisted living, and memory care units, along with a state-of-the art, 65,000-square- foot clubhouse and amenity building. The first phase will consist of the clubhouse and 267 units. The luxury rental housing will be offered in a variety of formats, including single-story villas, three-story garden flats, and residences within a six-story building attached directly to the main amenity building.