Currently, the community 50 percent leased.
As demand for premium rental housing among the active adult community grows in South Florida, 13th Floor Homes, the homebuilding division of 13th Floor Investments, has completed Solera at Avalon Trails, its newest build-for-rent community located in West Delray Beach. According to 13th Floor Homes, the community is open and half-occupied.
The gated community is located at 14800 Cumberland Drive, and has 74 single-story villas for adults ages 55 and up. The homes, avalable as two- and three-bedroom floorplans ranging between 1,300 and 1,450 square feet in size, have monthly rents ranging from $3,400 to $4,000. Their interiors include shaker-style wood cabinetry, quartz countertops, primary suites, energy-efficient stainless-steel appliances and impact-resistant windows and doors.
The community’s amenity package includes a clubhouse with a fitness center, card rooms, café, arts and crafts room, theater, as well as an amenity campus with pickleball and tennis courts, in addition to resort and lap swimming pools. Downtown Delray Beach and the South Florida coastline are roughly five miles eastward, accessible via State Road 806.
Delray Beach is one of the top 10 places to retire in Florida, according to a recent ranking by Southern Living. Timothy Hosmer with JLL Capital Markets’ seniors housing team told MHN that Delray Beach has shown to be an ideal location for active adult product, as the city has a large population of affluent seniors looking to downsize into lifestyle-focused communities.
Solera’s developers agree. “As demand for premium rental housing among the active-adult community grows in South Florida, we saw Delray Beach as the ideal location for our latest build-for-rent community,” said Mike Nunziata, division president of 13th Floor Homes.
This fall, Kolter is set to open Esprit, a new luxury senior community located in nearby Palm Beach Gardens. Just outside Orlando, Kolter Homes recently opened Cresswind at Lake Harris and Cresswind at Hammock Oaks.
Up north, Silverwoods, a 46-building, 313-unit senior housing community located in Toms River, NJ was refinanced through a $50 million bridge loan from Dwight Mortgage Trust. Real estate investors Mathias Deutsch and Isidore Bleier were the buyers.