RADNOR, PA - An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the U.S., has acquired Alta at Regency Crest, a best-in-class, luxury 150-unit 55+ active adult lifestyle multifamily community in the greater Baltimore submarket of Ellicott City, Maryland.
This acquisition comes on the heels of three recent 55+ active adult living property acquisitions by Livingston affiliates, including Schuyler Commons, a 144-unit community in Utica, New York; Glenmont Abbey Village, a 148-unit community near Albany, New York; and Hanover Place, a 150-unit community in the Chicago suburb of Tinley Park, Illinois.
“We studied this sector for a long time; it dovetails well with our prior experience. These acquisitions are consistent with our investment strategy of building a defensive core and core-plus portfolio that focuses on fundamental needs of consumers, like housing for one of the largest segments of the U.S. population, while offering residents value as well as quality,” says Peter Scola, founder and Co-CEO of Livingston Street Capital.
Scola notes that as of this year, all members of the Baby Boomer generation, which totaled 71.6 million in 2019, are at least 55 years old. Strategically leveraging this generation’s strong demand for active, autonomous lifestyles, Livingston focuses on active adult 55+ and independent living and does not invest in assets that provide care.
“In this case, the addition of Alta at Regency Crest to our portfolio marks Livingston’s ongoing expansion into the active adult living sector and grows our geographical foothold,” Scola explains. “The property is ideally located in close proximity to both Baltimore and Washington D.C., and is well-aligned with our strategy of identifying Core, Core-Plus, and Light Value-Add active adult lifestyle communities in desirable suburban locations, giving residents high-quality living with easy access to large metropolitan areas. We believe we are one of the few firms in the country focusing on 55+ active adult communities – a segment that we believe represents the future for residential living in this age group.”
“Because our residential strategy for our core and core level investments exclusively targets active adult and independent living properties, we’re able to focus our management efforts on providing an exceptional sense of community with a range of activities and social programs that today’s wellness-minded and engaged 55+ residents desire,” explains Scola. “As a Class A asset constructed in 2011, Alta at Regency Crest was well-maintained by the seller, requiring little by way of upgrades and improvements. This enables us to begin implementing our operational strategy right away.”
Scola notes that the property’s high quality and luxury amenities are bolstered by its exceptional location in the Ellicott City submarket, which was ranked as Money magazine’s #1 Best Place to Live in Maryland in 2019, and as the #4 Best Place to Live in the United States in 2018.
Situated in immediate proximity to healthcare, retail, and transport, Alta at Regency Crest features highly competitive community amenities such as a heated indoor saltwater pool; 24-hour gym with yoga studio; renovated game room and resident clubhouse with grand piano; a theatre room; conference and business center; expansive courtyard with gazebo, Koi pond, and putting green; and full-service beauty salon, among many others. The four-story, mid-rise apartment building offers a variety of spacious one-, two-, and three-bedroom floor plans with upgraded interiors as well as sunrooms, dens, and private balconies in select units.
Alta at Regency Crest is located at 3305 Oak West Drive in Ellicott City, Maryland. Livingston Street Capital’s affiliate acquired the asset from a private multifamily developer.