"This sale is part of our ongoing strategic exit as a company from the supported-living segment of the residential multifamily market," says Charles Ratner, Forest City president and CEO, in a statement. "It's also another step in our efforts to capture value - and generate liquidity - from within our portfolio. We've had a long and productive partnership with Classic Residence by Hyatt, and we salute their continued leadership in senior living."
The three apartment communities, which total 869 supported-living units, are located in Teaneck, NJ; Chevy Chase, MD; and Yonkers, NY. Hyatt and Forest City have been partners on the deal since the properties were built.
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