TEANECK, NJ-Grosvenor Investment Management US and American Heritage Communities have teamed up to buy a 142-unit senior living community here. For Grosvenor, the acquisition was made on behalf of an institutional separate account client. The seller was the Red Bank-based K. Hovnanian Cos.; terms, including sale price, were not released.
Under Hovnanian's ownership, the property was known as Concierge Club Glenpointe and operated as a senior's condominium community. Under the new ownership, for which GIM provided equity capital, the Edison-based AHC will re-brand it as Heritage Pointe of Teaneck and convert it into a luxury rental independent living community for active seniors. AHC will offer to buy back the apartments at the original purchase price plus closing costs.
"This purchase fits with our goal of developing and operating customer-focuses retirement communities in the Mid-Atlantic and Northeast regions," says Larry Murphy, CEO of AHC. The deal marks the second hook-up between GIM and AHC, following the year-ago purchase of the 620-unit Heritage of Green Hills near Reading, PA.
Originally developed in 2001 and remodeled four years later, the complex at 600 Frank W. Burr Blvd. offers a combination of one- and two-bedroom units. It's adjacent to a 46-acre nature preserve and the Glenpointe Marriott Hotel, at which residents have spa privileges. The repositioned community will also get AHC's "Well by Design" proprietary wellness program.
Based in Philadelphia, GIM is the London-based Grosvenor's real estate investment management operation in North America. GIM is part of Grosvenor Fund Management, established in 2005 as a vehicle for third-party participation in Grosvenor-managed investments.
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