AEW Capital Management acquired the Wellington Bay senior living facility for $100.13 million. The town is just west of West Palm Beach.
Commercial Edge reports Area Management and ZOM Senior Living sold the 749,488-square-foot senior facility at 2590 Wellington Bay Drive to AEW Capital Management. The buyer assumed the seller’s $81.73 million mortgage with Capital One.
Built on the 36.1-acre site near the Wellington Mall in 2022, Wellington Bay features 224 independent living, assisted living and memory care units with a combined 424 beds. Amenities include a dining room, indoor and outdoor pools, a spa, a salon, a wellness center, a theater and social rooms. It’s operated by Liberty Senior Living.
The project broke ground in 2019 with an $89.03 million construction loan.
There’s been strong demand for senior housing in Palm Beach County amid the growth of the senior population, however, higher interest rates have put a damper on sales prices for most types of commercial real estate.
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