Foundry Commercial, alongside institutional capital partner AEW, has acquired premier communities in New Jersey and Florida, adding two properties to its growing senior living portfolio.
The acquisitions include Allegro Harrington Park, a 173-unit full-continuum senior living community developed by Allegro in Harrington Park, New Jersey, and Allegro Hyde Park, a 136-unit community in Tampa’s Hyde Park neighborhood. Both communities were previously operated by Allegro Living, Foundry Commercial’s wholly owned senior living management platform and are recognized among the highest-quality communities in their respective markets. Allegro Living will continue to operate both communities.
Delivered in 2021, Allegro Harrington Park offers a full continuum of independent living, assisted living and memory care in Bergen County, approximately 20 miles from Manhattan. Allegro Hyde Park includes independent living and assisted living residences in one of Tampa’s most established and sought-after neighborhoods.
“These two exceptional communities represent the caliber of senior living opportunities we want to operate and pursue,” said Kevin Maddron, president of healthcare services for Foundry Commercial. “Allegro’s role in developing and operating these communities, with an uncompromising focus on quality and care, has made them both highly recognized in their markets. Because we know these properties, their operations and their markets so well, we have tremendous confidence in what they offer today and their potential for the future.”
Allegro Living will continue to oversee day-to-day operations at both communities.
