Blueprint represented a large, institutional private equity firm in its divestment of an assisted living and memory care community, which Benchmark Senior Living and National Development ultimately acquired. Built in 2013, the 85-unit Arbor Terrace Roseland is in Roseland, New Jersey, near New York City. It was over 91% occupied with an EBITDAR margin of around 30% at the time of the sale. The asset has historically demonstrated resilient performance with occupancy in the mid-80s and healthy margins dating back to 2019. Steve Thomes, Korzy Buzin, Brooks Blackmon and Lauren Nagle handled the sale, and Synovus Bank provided acquisition financing.
This purchase expands Benchmark’s Garden State footprint, which includes Benchmark at Scotch Plains, a seniors housing community under construction that is set to open in 2016. National Development partnered with Benchmark on the development. Another community that it is building in New Jersey is Benchmark at Cedar Grove, expected to open in 2027.
The joint venture is growing its portfolio in other states, as well. Just a couple of months ago, Benchmark and National Development acquired a Class-A asset, Church Hill Village, in Newtown, Connecticut (see the price and additional details on LevinPro LTC). In the beginning of the year, the joint venture acquired another Class-A community, Whisper Woods of Smithtown, in Smithtown, New York (the purchase price and additional details can be found here).
Built in 2013 by a joint venture between Formation Development Group and Shelbourne Healthcare Development Group, Arbor Terrace Roseland 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. At the time of closing, the buildings were 94% occupied. The assets 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 the Roseland community is currently not disclosed.
