DALLAS, TX – HFF announced today that it has closed the sale of Regal Pointe, a 128-unit, independent living community in Middletown, New Jersey.
HFF marketed the property on behalf of Middletown Senior Housing LLC, which was a joint venture among affiliates of Equity Resource Investments, LLC of Cambridge, Massachusetts; Beacon Communities LLC of Boston, Massachusetts; and Lincoln Street Capital LLC of Rockland, Massachusetts. An affiliate of The Carlyle Group, based in Washington, D.C., purchased the property, which was offered free and clear of existing debt. Equity for the investment will come from Carlyle Realty Partners VI L.P., a $2.25 billion U.S. real estate investment fund.
Regal Pointe, which has been renamed Arbor Terrace at Middletown, is located at 1800 Highway 35 South along Monmouth County’s main traffic artery. Situated on 6.24 acres, the property features studio and one-bedroom units and recently underwent extensive renovations including an overhaul of residential units, main common areas and the kitchen. Resident services include three meals-per-day, housekeeping, transportation and on-site third-party home health care and physical/occupational therapy.
The Carlyle Group intends to convert a portion of the existing units to assisted living and memory care to provide the current and future residents with several levels of care. The Arbor Company has been selected to operate the community going forward.
The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $180 billion of assets under management across 118 funds and 81 fund of funds vehicles as of June 30, 2013. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Global Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,400 people in 34 offices across six continents.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 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 www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.