Robbins Property Associates Acquires 55+ Housing Community in Delray Beach for $29.3 Million

Robbins Property Associates has acquired Solera at Avalon Trails, a 74-unit housing community for residents aged 55 and older in West Delray Beach, Florida, from 13th Floor Investments for $29.3 million. The transaction highlights ongoing investment activity in South Florida's senior housing sector.

Completed in 2024 by 13th Floor Homes, a division of 13th Floor Investments, the 7.6-acre property at 14800 Cumberland Drive features single-story houses ranging from 1,300 to 1,450 square feet with two or three bedrooms. Mike Nunziata, president of 13th Floor Homes, noted the community was designed to meet the evolving needs of active adults seeking rental flexibility and a maintenance-free lifestyle with amenities.

Walker & Dunlop’s Still Hunter represented the Miami-based seller. To finance the acquisition, Tampa-based Robbins Property Associates secured a $19.2 million, 10-year, fixed-rate acquisition loan. Berkadia’s Mitch Sinberg, Brad Williamson, Scott Wadler, and Hugo Hernandez arranged the Freddie Mac-backed financing. This sale follows a $14.1 million construction loan from CIBC Bank that funded the development. The deal underscores the liquidity and demand for age-restricted rental properties in the region, offering a clear path for developers and investors in similar markets.