TODAY’S DEALS: ARA Brokers Sale of Fla. Seniors Community
ARA brokers the sale of a 310-unit seniors housing asset; Preferred Apartment Communities acquires a 216-unit community near Philadelphia; and Cushman & Wakefield handles the $26.4 million transaction of River Pointe at Den Rock.
Lantana, Fla.—ARA National Seniors Housing Group has brokered the sale of The Carlisle Palm Beach, a 310-unit independent and assisted living community in Lantana, Fla. ARA’s Senior Housing specialists Ryan Maconachy and Chad Lavender represented Palm Beach Club LLC in the sale of the Palm Beach County asset to AEW Capital Management LP, who acquired the property on behalf of AEW Senior Housing Investors LP. Senior Lifestyle Corporation, a joint venture partner of AEW, will manage the property.
“This was a strategic disposition by the seller, AEW, who acquired the property on behalf of its senior housing fund and will work with their partners, SLC, to increase occupancy,” says Maconachy of ARA National Seniors. “The Carlisle Palm Beach is an A+ quality community located in a strong seniors housing market with extremely high barriers to entry.”
The Carlisle Palm Beach is comprised of 250-units in six-story mid-rise buildings and 60 assisted living units. The property was built in 1999 and is considered one of the premier seniors housing communities in Florida. One-third of the assisted living units have received substantial renovations, and the cinema room and card/billiard room have also received recent upgrades.
Preferred Apartment Communities acquires 216-unit asset
Glenmoore, Pa.—Preferred Apartment Communities Inc. has acquired Oxford Rise, a 216-unit community located in suburban Philadelphia. The property was completed in 2009 and is currently 94.6 percent occupied. The property will be rebranded as “a Preferred Apartment Community.”
The asset was acquired for $30.1 million with financing provided by Freddie Mac. The non-recourse financing bears a floating interest rate of 277 basis points above the 30-day LIBOR, capped at 7.25 per annum, and matures in May 2018.
Oxford Rise features a resort style pool and cabana, 24-hour fitness center, internet café, and a dog run. Glenmoore, Pa. is a 35-mile drive from Philadelphia.
Cushman & Wakefield handles 174-unit sale in Mass.
Lawrence, Mass.—Cushman & Wakefield represented seller Equity Residential in the $26,350,000 transaction of River Pointe at Den Rock, a 174-unit apartment community in Lawrence, Mass. C&W’s Capital Markets Group also procured the buyer, a joint venture between Fairfield Residential and Trecap Partners LLC.
The garden style apartment community was built in 2000 and is located two miles from downtown Andover’s MBTA train station. The site offers a 45 minute commute into Boston’s Central Business District. River Point at Den Rock consists of six two- and three-story buildings, a single-story club house and four single-story detached garages. The unit mix includes 94 one-bedroom apartments, 68 two-bedroom apartments and 12 three-story apartments.
Amenities include a fitness center, swimming pool with sundeck and barbeque/picnic area, car wash, garage parking, and access to the 120-acre Den Rock Park woodland preserve.