Livingston Street Capital has acquired a 231-unit active adult community in the greater Philadelphia area. Canvas Valley Forge is considered to be a Class-A community in the town of King of Prussia, with 147 one-bedroom and 84 two-bedroom unit options. The amenity list features an infinity pool with sundeck, hot tub, outdoor courtyard with grills and seating areas, chef’s kitchen for private events, dog park with pet washing station, community garden, bocce court, bike storage and maintenance shop, garage and general storage, a fitness center, on-site salon and spa, craft room, game room, library/media room, resident lounge with club room, package room, and full-time resident concierge. Pretty comprehensive.
A joint venture between Bozzuto and The Carlyle Group sold the community for $112.5 million, or $487,000 per unit. Newmark brokered the deal.
Livingston Street Capital first broke into the active adult sector in 2018 and has been building their portfolio since then, with eight publicly announced deals so far, according to our statistics. Livingston was especially active in 2021, when it announced five deals for six properties.
