Liberty Senior Living, Ares JV to build $180m mixed-use senior housing rental community
ZOM Senior Living, Liberty Senior Living, and funds managed by an affiliate of Ares Management Corp., have recently closed on construction financing for the development of a 46-acre lakefront parcel, in Wellington Bay, Fla.
“We formed ZOM Senior Living to capitalize on this growing segment of the renter pool, and we plan to offer the same thoughtfully designed living spaces, amenities, and broad array of services to our senior residents, as we provide in our traditional market rate rental communities. We join forces with a seasoned senior housing operating partner, which perfectly complements ZOM’s experience in luxury multifamily housing,” said Greg West, CEO of ZOM Living.
The expansive site is in Western Palm Beach County, one of the most affluent regions in the U.S. Construction of Phase 1 is expected to begin immediately and will include 283 premier independent living, assisted living and memory care units.
“This is our first project in Florida and we are excited to partner with ZOM,” said Will Purvis, chief development officer of Liberty Healthcare. “The large size of the Wellington site gives us the opportunity to create a unique resort style senior’s community, in close proximity to well-established retail shops and dining venues. We have the ability to create a number of different residential formats and levels of healthcare services, and to maintain significant green space for the enjoyment of all of our residents.”
The centerpiece of the community is a two-story, 65,000-square-foot clubhouse and amenity building, replete with multiple dining venues, indoor and outdoor swimming pools, membership-grade spa, salon and wellness center, billiards and cards room, and a theater, to name a few. The class A senior living rental community will offer luxury rental housing in a variety of formats, including single-story villas (with attached garages), three-story garden flats, and residences within a six-story building, attached directly to the main amenity building. At full build-out, the project is anticipated to include 424 units.
“We are excited to partner with Liberty Healthcare and Ares Management on this, our first ZOM Senior Living rental community,” said Greg West, CEO of ZOM Living. “We formed ZOM Senior Living to capitalize on this growing segment of the renter pool, and we plan to offer the same thoughtfully designed living spaces, amenities, and broad array of services to our senior residents, as we provide in our traditional market rate rental communities. We join forces with a seasoned senior housing operating partner, which perfectly complements ZOM’s experience in luxury multifamily housing.”
Liberty Senior Living is a subsidiary of North Carolina-based Liberty Healthcare, a 144-year old family-owned company with a wealth of experience delivering healthcare and residential services in the growing senior housing segment.
