Foundry Commercial Acquires Two Senior Living Communities in New Jersey and Florida
Foundry Commercial has expanded its senior living portfolio by acquiring two high-quality communities—Allegro Harrington Park in New Jersey and Allegro Hyde Park in Florida. These acquisitions, made alongside institutional capital partner AEW, add to Foundry's growing presence in the sector as demand for premium senior housing continues to rise. Both properties are operated under Allegro Living, a wholly owned management platform of Foundry Commercial known for its focus on quality and care. The communities offer full-continuum services including independent living, assisted living, and memory care. Kevin Maddron, President of Healthcare Services at Foundry Commercial, emphasized the strategic value of these well-established properties in attractive markets with strong fundamentals. Pryse Elam, Chief Investment Officer for Foundry Commercial, noted that this investment aligns with their strategy to grow a senior living portfolio through high-quality assets. The acquisitions represent a significant capital deployment and are expected to contribute positively to the long-term growth of Foundry's healthcare services segment.
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Topics: acquisition portfolio growth real estate senior living