13th Floor Investment has sold a new residential community designated for residents 55 years and older in West Delray Beach, Fla., for $29.3 million, property records show.
Robbins Property Associates purchase of assets of 7.6 hectares called Solera at Avalon Trails. The community has 74 single-story homes in 14800 Cumberland Driveabout one kilometer west of Jog Kidul road.
“Our vision is to deliver thoughtfully designed communities that respond to the needs of active adults who value rental flexibility, a maintenance-free lifestyle and access to comprehensive amenities,” Mike Nunziatathe president of 13th Floor Investments 13th Floor House division, said in a statement.
Walker & Dunlop‘s Still a Hunter representing the Miami-based developer, which completed construction in 2024, one year after obtaining a $14.1 million construction loan from CIBC Bank. The two- and three-bedroom villas are approximately 1,300 to 1,450 square feet in size.
Berkadia originated $19.2 million, fixed-rate loan acquisition for Robbins Property Associates. In brokerage Mitch Sinberg, Brad Williamson, Scott Wadler and Hugo Hernandez manage 10 years, Freddie the Tiger– backed loans. The Tampa-based buyer owns two multifamily properties in South Florida.
The area has seen an increase in senior home sales in recent months. In August, PGIM Real Estate downloaded A relatively new assisted living facility, also in Delray Beach, for at least $140 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.