Senior living company enters Georgia, acquires three Atlanta area properties – Atlanta Business Chronicle
A new senior living company has entered the Georgia market with the acquisition of three assisted living/memory care properties in the Atlanta area.
St. Louis, Mo.-based Allegro Senior Living formed a joint venture with Artemis Real Estate Partners of Bethesda, Md., to acquire the properties in Alpharetta, Marietta and Sandy Springs.
The joint venture paid a total of $16,750,000 for the assisted living and memory care properties, according to property records.
Allegro will be responsible for the day-to-day operations of the communities, each of which will adopt Allegro’s new brand, Alto Senior Living.
Alto Alpharetta, located at 4125 North Point Parkway, was built in 1999 and has 72 units. The property at 4804 Roswell Road in Sandy Springs was built in 2000 and has 68 units.
The Alto campus located at 4804 Roswell Road in Sandy Springs.
Alto Marietta, built in 1998, is located at 840 Lecroy Drive and has 55 units.
The Alto Marietta facility is located at 840 Lecroy Drive.
The seller was HCP Inc., a real estate investment trust that invests primarily in real estate serving the healthcare industry in the United States. Its diversified portfolio is led by the senior housing, life science and medical office sectors.
The deal closed Dec. 19.
“We’re honored to work with Artemis and make our entrance into the Atlanta market,” said Douglas Schiffer, the president and COO of Allegro. “Alto communities will operate with Allegro’s culture of excellence. This culture is defined by our core values of honesty and compassion.”
“We’re excited to partner with Allegro on this opportunity,” said Kelly Sheehy, managing director of Artemis.
Allegro has more than 45 years of experience in ownership, operations, development, and property management. The company manages 17 communities across Florida, Georgia, Kentucky, and Missouri.
Artemis Real Estate Partners invests with local operating partners across opportunistic, value-added and enhanced core strategies. Artemis has raised more than $3.3 billion of investor capital across a core plus healthcare real estate fund, three commingled value-add/opportunistic fund vehicles, and a series of emerging manager separate accounts.