Joint Venture Sheds Senior Community in Buckhead
The Carlyle Group’s joint venture with Formation Development Group recently sold the Renaissance on Peachtree independent and assisted living community in Buckhead, Ga.
By Balazs Szekely, Associate Editor
Renaissance on Peachtree
Atlanta, Ga.—American Realty Capital Healthcare Trust III acquired Buckhead’s Renaissance on Peachtree senior community, a 229-unit, independent and assisted living facility, for $78.6 million. The Arbor Company will continue to operate the community on behalf of the new owner.
In early 2014, the property underwent an $8 million renovation, including an extensive overhaul of all apartments, a lobby renovation and the addition of Pemberton Café, Vine Wine Bar and Brookhaven Restaurant.
Other amenities of the property include concierge services, private transportation via limousine and town cars, wellness programs with yoga or Tai Chi classes, library, media center with private computers and WiFi, private dining room, movie theater, spa and salon, as well as an arts and crafts studio.
CBRE Capital Markets’ National Senior Housing team arranged the sale. Lisa Widmier and Matthew Whitlock of CBRE represented the seller, a joint venture between The Carlyle Group and Formation Development Group. The property was 94 percent occupied at the time of sale.
Image courtesy of The Arbor Company Senior Living
