In its joint venture with the vertically integrated real estate investment firm National Development, Benchmark Senior Living continues to grow through single-asset deals, adding another New Jersey property to its portfolio. Benchmark acquired Arbor Terrace Roseland, a 85-unit assisted living/memory care community in Roseland, New Jersey, about 15 miles west of Manhattan, New York. Synovus Bank provided acquisition financing for the deal.
The community joins a growing Garden State portfolio for Benchmark, which is set to open Benchmark at Scotch Plains in partnership with National Development in 2026. Plus, Benchmark at Cedar Grove will open in 2027. Earlier this year, Benchmark and National Development also acquired Church Hill Village in Newtown, Connecticut (see the price on LevinPro LTC) and Whisper Woods of Smithtown in Smithtown, New York (see the comp here).
Built in 2013 by a joint venture between Formation Development Group and Shelbourne Healthcare Development Group, the Roseland community plus a Pennsylvania property were sold to PGIM Real Estate in July 2016. They were managed by Atria Senior Living at the time and were performing very well. The two properties sold for one of the highest per-unit prices at the time, around $575,000 per unit, and at a 5.7% cap rate. It was quite a different cap rate environment back then. The 2025 price for Roseland was not disclosed. Kory Buzin, Steve Thomes, Brooks Blackmon and Lauren Nagle Blueprint represented the seller in the transaction.
