Foundry Commercial has significantly expanded its senior living footprint with the acquisition of three assisted living and memory care facilities across Florida. The deal, valued at $52 million, includes properties in Jacksonville, Titusville, and Plant City, all of which will operate under Foundry’s Alto brand and be managed by Allegro Living Management.
Key Takeaways
- Foundry Commercial acquired three Florida senior care centers for $52 million.
- The facilities are located in Jacksonville, Titusville, and Plant City.
- All three will be operated by Allegro Living Management under the Alto brand.
- This acquisition is part of a larger five-property portfolio deal.
Strategic Expansion in Senior Care
The acquisition marks a strategic move by Foundry Commercial to bolster its presence in the growing senior care market. The three Florida properties represent a significant investment, with the Jacksonville facility, which recently opened in March 2023, accounting for $17.5 million of the total. The Titusville community was acquired for $17 million, and the Plant City community for $17.5 million.
Portfolio Integration and Management
These Florida assets are part of a broader $77.75 million transaction that included two additional properties located in Warner Robins and Boynton Ridge, Georgia. Following the acquisition, all five communities will be managed by Allegro Living Management, a company affiliated with Foundry Commercial. They will operate under the Alto brand, aiming to provide high-quality assisted living and memory care services to residents.
The seller in the Florida transaction was Rimrock Companies, with Blueprint Healthcare Real Estate Advisors representing them in the deal. This expansion is expected to enhance Foundry Commercial’s operational capabilities and market reach within the senior living sector.