Lantana, FL (April 18, 2011) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, brokered the sale of The Carlisle Palm Beach, a 310-unit independent and assisted living community located in Lantana, Florida in Palm Beach County.
ARA's Senior Housing specialists Ryan Maconachy and Chad Lavender represented Palm Beach Club, LLC in the sale of the asset to AEW Capital Management, L.P. (AEW) who acquired the property on behalf of AEW Senior Housing Investors, L.P.
The facility will be managed by Senior Lifestyle Corporation (SLC), a joint venture partner of AEW.
The six-story mid-rise community has 250 independent living units and 60 assisted living units. Built in 1999, it is one of the premier seniors housing communities in Florida with an upscale amenity package, lavish interiors and ocean views from its penthouse suites. Twenty of the 60 assisted living units have been substantially renovated, and the cinema room and the card/billiard room have also been recently enhanced.
"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 partner, SLC, to increase occupancy," says Ryan 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 local licensed broker was ARA's Florida office which is based in Boca Raton, FL.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Ryan Maconachy at rmaconachy@ARAusa.com or 214.420.3110.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country's top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA's unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA's extensive multihousing investment services, visit www.arausa.com.
About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world's leading real estate investment advisors, AEW and its affiliates manage over $30 billion of capital invested in $45 billion of property and securities in North America, Europe and Asia (as of December 31, 2010). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore and Hong Kong, as well as additional offices in nine European cities. For more information please visit www.aew.com.
About SLC
Chicago-based Senior Lifestyle Corporation, founded in 1985, is a leader in the development, operation and ownership of seniors housing and the implementation of innovative programs that help seniors enjoy healthier, more fulfilling lives. With a portfolio of more than 70 communities, SLC offers independent living for every economic level, from luxury to mid-market to affordable. Daily services and activities are tailored to the needs and preferences of each community's residents. For residents who require additional care, many communities also offer assisted living, Alzheimer's and skilled nursing care. Long recognized among the industry's top companies by the American Seniors Housing Association, Senior Lifestyle was included as the 12th largest managers of seniors communities on National Real Estate Investor's list of the top 50 companies in 2010. For more information please visit www.seniorlifestyle.com.