Cushman & Wakefield National Senior Housing Capital Markets, exclusively advising a joint venture of affiliates of Capitol Seniors Housing, Formation Development Group and Shelbourne Capital, has arranged the sale of The Solana Marlboro, a newly constructed, Class-A 79-unit / 94-bed assisted living and memory community located in Marlboro, New Jersey.
The Solana Marlboro is the area’s newest and most attractive senior housing community in one of the most affluent areas of the country. The property was acquired by Kayne Anderson Real Estate, a leading national investor in senior housing communities. Chelsea Senior Living, the current operator, will continue to manage the community.
The Solana Marlboro is built to a best-in-market standard and provides seniors an unparalleled lifestyle in its market area. The two-story community offers an extensive and top-of-the-line amenity package combined with quality finishes including oversized units throughout. There are highly desirable shopping, dining and destination amenities nearby such as a Whole Foods, Walgreens, Ethan Allen, ULTA Beauty, TJ Maxx and Starbucks, to name a few, all within 0.2 miles.
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Director Jay Wagner and Associate Sam Dylag.
“We’re proud to have advised on Solana Marlboro and to have ended up with a tremendous execution for our client,” noted Swartz. “The market continues to demonstrate robust demand for true trophy senior housing opportunities in strong markets.”
Cushman & Wakefield’s National Senior Housing Capital Markets team was established in 2011 and advises top institutional owners, developers and operators on equity, debt and investment sales throughout the United States. Located in Boston and Southern California, the team is led by Rick Swartz and Jay Wagner. The team is consistently ranked amongst the top senior housing brokerage groups in transaction volume.
About Capitol Seniors Housing
Capitol Seniors Housing (CSH) prides itself on placing seniors first by creating comfortable, safe, state-of-the-art communities which residents are proud to call home. Founded on the principles of integrity, trust, and transparency, CSH consistently produces top-quality senior living communities and resident centered life experiences for senior adults.
Based in Washington D.C., CSH is a private equity-backed real estate acquisition, development and investment management firm founded in 2003. Along with our capital partners, a large University Endowment and The Carlyle Group, CSH has successfully acquired or developed more than 90 senior housing communities and deployed over $2.0 billion of investment capital thus far. For more information, please visit www.capitolseniorshousing.com.
Shelbourne Capital LLC is a real estate private equity firm that opportunistically invests across multiple asset classes in markets throughout the United States. Since the firm’s creation in 2009 to take advantage of value dislocations in a very volatile post-2008 market, Shelbourne and its affiliates have aggressively expanded and invested in real estate transactions comprising over $700 million in total capitalization. Shelbourne leverages its relationships, knowledge and experience across a broad spectrum of potential investments. The firm’s highly experienced team is able to source, structure and finance transactions with the goal of achieving superior, risk-adjusted returns for its investors.
Formation Development Group
Formation Development Group (FDG), founded in 2007 and based in Alpharetta GA, is an affiliate of Formation Capital, a leading investor in the senior living industry. FDG is known for its distinctive senior living projects in top locations across the United States. The firm invests in its own projects, and also provides comprehensive development and asset management services to partners and clients. FDG has developed 20 projects since 2010, including The Solana Marlboro. Many of those projects have been developed and owned in a joint venture with Shelbourne.
Since 2007, KA Real Estate has invested in alternative real estate sectors including medical office, seniors housing, student housing, and self-storage. Our vertically integrated team brings expertise in all aspects of real estate investing and management to each of our investments, thereby maximizing operating capabilities.
With assets under management of $6 billion (of which $3 billion is Kayne Anderson Real Estate Opportunistic Equity Funds, $500 Million in Kayne Anderson Real Estate Core Equity Funds, and $2.5 billion is Kayne Anderson Real Estate Debt Funds), KA Real Estate’s investment objectives are to create strong risk-adjusted returns by focusing on current cash yield and increasing value through cash flow growth, while remaining sensitive to capital preservation.
About Chelsea Senior Living
For more than 40 years, Chelsea Senior Living has been dedicated to fulfilling our mission: to provide a comfortable, safe and secure home for those who need help with the activities of daily living in a caring atmosphere of respect and dignity. Through personalized support and health care services, encouragement of maximum independence, emphasis on freedom of choice, promotion of individuality and protection of privacy, our residents will enjoy a greater quality of life than they would living alone.
Chelsea Senior Living owns and operates 13 senior living communities in New Jersey, 2 communities in New York, and 1 in Pennsylvania. Chelsea communities offer many personalized choices for older adults – and peace of mind for their families and loved ones.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.