Cushman & Wakefield Senior Housing Capital Markets Group, advising a joint venture of affiliates of Senior Lifestyle Corporation and AEW Capital Management, has arranged the sale of the Carlisle Palm Beach, a 290-unit/302-bed independent living, assisted living and memory care community located on the barrier island of Lantana, FL, adjacent to Palm Beach. The community was acquired by an affiliate of Bridge Investment Group. Senior Lifestyle will continue to manage the property.
The Carlisle was built in 1999 and was converted in 2014 to a full continuum IL/AL/MC community in its resort-style coastal location, steps from both the Atlantic Ocean and the Intracoastal Waterway. The property is comprised of four interconnected buildings with six stories of IL and AL and three stories of MC that surround a highly amenitized clubhouse. Over the past five years, more than $10 million has been invested into the building to convert an IL building to AL, create a memory care wing, refresh the dining and common areas and implement unit upgrades as turnover occurs. The Carlisle is ideally located to serve the Palm Beach, Manalapan and Boynton Beach senior populations.
The Cushman & Wakefield team involved in the transaction included Executive Managing Director Richard Swartz, Executive Director Jay Wagner, Director Jim Dooley and Associate Caryn Miller. In addition to the sale, Jay Wagner, Senior Director Aaron Rosenzweig and Director Tim Hosmer arranged acquisition financing on behalf of the buyer.
“Carlisle is a special building in a one-of-a-kind ocean-front location. We were excited to be able to highlight this community’s steady year-over-year performance.” said Wagner. “We had strong interest from a mix of private equity and public REITs as well as several offshore investors, including Asian and Middle Eastern capital,” added Swartz.
Added Swartz, “We had strong interest from a mix of private equity and public REITs as well as several offshore investors, including Asian and Middle Eastern capital.”
About Senior Lifestyle Corporation
Senior Lifestyle Corporation (“SLC”) is the seventh largest manager of senior housing in the United States. Founded in 1985, SLC operates over 180 communities in 27 states with regional support and expertise for its nearly 10,000 employees. SLC’s diverse portfolio demonstrates its ability to operate in different regions and at various economic levels ranging from affordable to best-in-class luxury private pay communities. Senior Lifestyle is a recognized industry leader with a wide array of institutional capital partners including public and private REITs and private equity groups and public pension funds.
About Bridge Seniors
Bridge Seniors is a purpose-built team within Bridge Investment Group that invests in seniors housing and medical property assets across its family of funds. The Bridge Seniors principals, whose experience in the seniors housing sector averages over 20 years, have successfully acquired, developed, managed or disposed of approximately 350 seniors housing projects. The principals have a long history of operational focus and in-depth industry relationships. Bridge Seniors is among the largest owners of seniors housing units in the US, with $1.9 billion of assets under management, 53 communities with over 6,200 units, as of June 30, 2017. These communities provide accommodations and extensive services to residents and seek to enliven their lives through state-of-the-art dining, wellness, social and other programs.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
