Newmark Knight Frank’s Ryan Maconachy and Chad Lavender represented Atlanta-based Formation Development Group in the sale of its new 98-unit seniors housing community in Doylestown, Pennsylvania, an affluent Philadelphia suburb. Operated under the Solana brand by Atria Senior Living, the community opened in 2016 at the tail-end of when many of the Solana properties were built. It features 70 personal care (assisted living) and 28 memory care units, which were 96% occupied at the time of the sale.
A joint venture between LCS Senior Living and Nuveen emerged as the buyer, although no purchase price was disclosed. Newmark’s Sarah Anderson and Brittany Robinson secured financing on behalf of the buyer.
