The Carlyle Group is finishing the year by exiting seven properties that it held with several joint venture partners for proceeds totaling nearly $474 million, or more than $385,000 per unit. Carlyle also grew its active adult holdings, acquiring three newly-built properties under the Solea brand for more than $103 million, or $222,000 per unit. Newmark helped arrange the transactions.
Starting with the Carlyle sales, the seven properties are located in Pennsylvania, Washington, Texas, Florida and Virginia. They were jointly owned by a number of separate partners, including Bozzuto, Alliance Residential, Greystar, United Group and EPOCH Residential. Several investors emerged as buyers of the portfolio, like PRISA (PGIM’s Open Ended Core Fund which acquired four of the locations), Livingston Street, Principal Real Estate and a not-for-profit organization. The smallest deal of the group totaled $42.1 million, while the largest was as high as $112.5 million. Those are some big sales.
Carlyle’s acquisition comprised three Solea-brand active adult communities in Texas previously owned by a joint venture between Entrepreneurial Properties Corporation and Sparrow Partners. The communities were recently built and are considered to be on the high end of active adult communities, with a host of resort-style amenities.
Newmark wrapped up its activity with a couple other transactions. First was the sale of a 183-unit senior living community in Huntsville, Alabama previously owned by Dominion Partners and acquired by Bridge Investment Group for $67.75 million, or $370,000 per unit. Newmark also helped arrange Freddie Mac financing to support the deal. Finally, Newmark helped arrange a life co loan for an active adult community in Phoenix, Arizona. The loan amount and the owner were not disclosed.
We heard Newmark has another nine to 11 properties set to sell soon, so this end-of-year momentum looks to continue into 2022.
