Sale of 6-property, multi-state seniors housing portfolio closed by HFF
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a six-property seniors housing portfolio totaling 596 units located in Southern California, Michigan, Philadelphia and Washington, D.C.
HFF marketed the portfolio exclusively on behalf of the seller, a joint venture between The Carlyle Group and Capitol Seniors Housing. ROC Seniors Housing Fund Manager, LLC acquired the portfolio free and clear of existing debt.
The portfolio has 114 independent living, 329 assisted living, 136 memory care and 17 skilled nursing units. The properties in the portfolio are: Crown Cove in Corona Del Mar, California; Raincross at Riverside in Riverside, California; Whittier Place in Whittier, California; Regent Street of West Bloomfield in West Bloomfield, Michigan; Arbor Terrace at Chestnut Hill in Philadelphia, Pennsylvania; and The Residences at Thomas Circle in Washington, D.C. The portfolio is 89.1 percent leased overall.
The HFF investment sales team representing the seller was led by managing directors Ryan Maconachy and Chad Lavender along with senior managing director Gerry Rohm.
About The Carlyle Group
The Carlyle Group (Carlyle) is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 fund of funds vehicles. Founded in 1987 in Washington, D.C., Carlyle has grown into one of the world’s largest and most successful investment firms, with more than 1,700 professionals operating in 35 offices in North America, South America, Europe, the Middle East, North Africa, Sub-Saharan Africa, Japan, Asia and Australia.
About Capitol Seniors Housing
Capitol Seniors Housing (CSH) is a boutique real estate private equity group focusing exclusively on the seniors housing sector. Since its inception in 2003, it has successfully acquired or developed more than 60 seniors housing communities throughout the continental U.S. CSH is a joint venture operating partner with The Carlyle Group, the $188 billion global alternative asset manager based in Washington, D.C. and one of the largest university endowments in the United States. The company utilizes third party seniors housing operating companies to manage the day-to-day oversight of its communities. By year’s end, CSH will have 25 operational communities nationwide and $750 million in assets under management in its portfolio. CSH headquarters are located on Pennsylvania Avenue in Washington, D.C.
About ROC Seniors Housing Fund Manager, LLC
ROC Seniors Housing Fund Manager, LLC (ROC Seniors) is a fund manager for a family of private equity funds that focus on investments in seniors housing communities and healthcare properties. The principals have over $6 billion of investment experience in these sectors. ROC Seniors currently has over $1.1 billion of regulatory assets under management (RAUM) with 41 properties. ROC Seniors is a subsidiary of Bridge Investment Group Partners, LLC (“Bridge-IGP”), a registered investment adviser. Bridge-IGP and ROC Seniors are integrated investment advisers under the Investment Advisers Act of 1940. Bridge-IGP, headquartered in Salt Lake City, Utah, has over $4.3 billion of RAUM and its affiliates own/manage an additional $400 million in real estate assets.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.