Foundry Commercial Expands Its Senior Living Footprint with Key Acquisitions in New Jersey and Florida
As the demand for exceptional senior living options rises, Foundry Commercial has marked a significant expansion of its portfolio by acquiring two prestigious senior living communities located in New Jersey and Florida. This strategic move was made in collaboration with their key institutional capital partner, AEW. The newly acquired properties are Allegro Harrington Park, which boasts a substantial 173 units, and the Allegro Hyde Park community, comprising 136 units in a prime Tampa neighborhood.
Both acquisitions were previously managed by Allegro Living, the company’s own platform for senior living management, known for providing high-quality care. Allegro Living will maintain operations at these facilities, ensuring that the superior standards of care and service are continued for residents, their families, and staff members alike.
The Allegro Harrington Park community, delivered just last year, is situated in Bergen County and provides a comprehensive range of living arrangements including independent living, assisted living, and memory care. Its proximity to Manhattan—just about 20 miles away—significantly enhances its appeal, making it a desirable location for seniors seeking a vibrant living environment close to city amenities.
Further south, Allegro Hyde Park offers residents a quintessential Tampa experience. This community, nestled in one of Tampa’s most sought-after neighborhoods, provides a blend of independent and assisted living—a testament to its adaptability to the needs of its residents. Both communities are recognized as among the finest in their respective markets due to their quality facilities, committed staff, and an engaging lifestyle focus.
Kevin Maddron, the President of Healthcare Services for Foundry Commercial, expressed enthusiasm about the acquisitions, highlighting that both communities align with the high standards of senior living the company aims to uphold. He remarked, "Allegro's commitment to excellence in developing and managing these communities has earned them notable recognition in their markets. With our thorough understanding of these properties and their operational framework, we are confident in their current offerings and future potential."
Pryse Elam, Chief Investment Officer of Foundry Commercial, elaborated on the financial outlook, noting, "These investments are emblematic of the opportunities we pursue to continue growing our senior living portfolio. The combination of strong market fundamentals and exceptional community designs positions these properties well for sustained success. The opportunity to invest capital into such well-constructed and well-operated communities is compelling, and these transactions are pivotal for advancing our senior living platform."
These acquisitions by Foundry Commercial underscore the organization’s commitment to enhancing the senior living landscape as the demand for quality senior housing rises. Allegro Living’s ongoing management of the properties is poised to ensure that residents enjoy continuity in their living experiences, backed by a wealth of operational expertise across various regions.
For further insights on Allegro Living and its mission, interested readers can visit their official website at www.allegroliving.com.
About Foundry Commercial: Foundry Commercial operates as a comprehensive commercial real estate services and investment company, active in a multitude of asset classes including office, industrial, retail, multi-family, healthcare, and not-for-profit segments. With a notable focus on the Sun Belt markets, Foundry has established a robust workforce of over 5,000 professionals serving across 12 markets, managing upwards of 77 million square feet and approximately 4,300 senior housing units. Annually, the company executes transactions exceeding $2 billion across leasing, tenant representation, and investment sales.
About Allegro Living: A dedicated subsidiary of Foundry Commercial, Allegro Living specializes in the development and management of senior living communities throughout the Mid-Atlantic, Southeast, and Midwest regions. Equipped with over 45 years of experience in serving older adults, Allegro prides itself on delivering personalized lifestyles focused on wellness and community connections. Their brand portfolio includes Allegro, Alto, and Spring Arbor, all designed to provide various levels of care including independent living, assisted living, and memory care. Visit www.allegroliving.com for more detailed information.
Both acquisitions were previously managed by Allegro Living, the company’s own platform for senior living management, known for providing high-quality care. Allegro Living will maintain operations at these facilities, ensuring that the superior standards of care and service are continued for residents, their families, and staff members alike.
The Allegro Harrington Park community, delivered just last year, is situated in Bergen County and provides a comprehensive range of living arrangements including independent living, assisted living, and memory care. Its proximity to Manhattan—just about 20 miles away—significantly enhances its appeal, making it a desirable location for seniors seeking a vibrant living environment close to city amenities.
Further south, Allegro Hyde Park offers residents a quintessential Tampa experience. This community, nestled in one of Tampa’s most sought-after neighborhoods, provides a blend of independent and assisted living—a testament to its adaptability to the needs of its residents. Both communities are recognized as among the finest in their respective markets due to their quality facilities, committed staff, and an engaging lifestyle focus.
Kevin Maddron, the President of Healthcare Services for Foundry Commercial, expressed enthusiasm about the acquisitions, highlighting that both communities align with the high standards of senior living the company aims to uphold. He remarked, "Allegro's commitment to excellence in developing and managing these communities has earned them notable recognition in their markets. With our thorough understanding of these properties and their operational framework, we are confident in their current offerings and future potential."
Pryse Elam, Chief Investment Officer of Foundry Commercial, elaborated on the financial outlook, noting, "These investments are emblematic of the opportunities we pursue to continue growing our senior living portfolio. The combination of strong market fundamentals and exceptional community designs positions these properties well for sustained success. The opportunity to invest capital into such well-constructed and well-operated communities is compelling, and these transactions are pivotal for advancing our senior living platform."
These acquisitions by Foundry Commercial underscore the organization’s commitment to enhancing the senior living landscape as the demand for quality senior housing rises. Allegro Living’s ongoing management of the properties is poised to ensure that residents enjoy continuity in their living experiences, backed by a wealth of operational expertise across various regions.
For further insights on Allegro Living and its mission, interested readers can visit their official website at www.allegroliving.com.
About Foundry Commercial: Foundry Commercial operates as a comprehensive commercial real estate services and investment company, active in a multitude of asset classes including office, industrial, retail, multi-family, healthcare, and not-for-profit segments. With a notable focus on the Sun Belt markets, Foundry has established a robust workforce of over 5,000 professionals serving across 12 markets, managing upwards of 77 million square feet and approximately 4,300 senior housing units. Annually, the company executes transactions exceeding $2 billion across leasing, tenant representation, and investment sales.
About Allegro Living: A dedicated subsidiary of Foundry Commercial, Allegro Living specializes in the development and management of senior living communities throughout the Mid-Atlantic, Southeast, and Midwest regions. Equipped with over 45 years of experience in serving older adults, Allegro prides itself on delivering personalized lifestyles focused on wellness and community connections. Their brand portfolio includes Allegro, Alto, and Spring Arbor, all designed to provide various levels of care including independent living, assisted living, and memory care. Visit www.allegroliving.com for more detailed information.
Topics Consumer Products & Retail）
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