Richard J. Hutchinson, CEO of Discovery Senior Living, and 2810 Vista Parkway (Credit: Google Maps)
Discovery Senior Living paid $11.05 million for a 20-acre site next to the Emerald Dunes golf club in West Palm Beach, with plans to build senior housing.
The company bought the property at 2810 Vista Parkway within Vista Center from Kayne Anderson Real Estate for about $124 per square foot, records show.
The new senior living facility will be inside the 500-acre master-planned, mixed-use Vista Center development, which has over 3.3 million square feet of commercial space.
Discovery scored a $8.3 million loan from HCP Inc., formerly Healthcare Property Investors, to acquire the property, records show.
Kayne Anderson Real Estate purchased the property in May for $6.2 million. At the time, KA Real Estate’s Max Newland, who leads the group’s senior housing real estate team, told The Real Deal it was partnering with Discovery Senior Living to build and manage the project. Newland said the new senior living facility will consist of about 250 units.
Bonita Springs, Florida-based Discovery Senior Living has a portfolio of more than 8,500 existing and under development units for seniors. It also owns Aston Gardens in Parkland and Discovery Village at Boynton Beach.
Palm Beach County is a popular destination for senior living development. In December, Denver-based Grand Peaks Properties paid $21.4 million for a 252-unit affordable senior living facility in West Palm Beach. In 2016, KA Real Estate paid $38 million to buy a newly completed 120-unit assisted living and memory care facility in Palm Beach Gardens.