LANTANA, Fla. — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the sale of The Carlisle Palm Beach, a 290-unit independent living, assisted living and memory care community in Lantana, approximately 60 miles north of Miami.
Cushman & Wakefield represented the seller, a joint venture between Senior Lifestyle Corp. and AEW Capital Management. The buyer was an affiliate of Bridge Investment Group. Senior Lifestyle Corp. will continue to manage the community.
The Carlisle was built in 1999 and was converted in 2014 to include its current continuum of care. The property is composed of four interconnected buildings with six stories of independent living and assisted living and three stories of memory care surrounding a clubhouse. Over the past five years, more than $10 million has been invested into the building to convert an independent living building to assisted living, create a memory care wing, refresh the dining and common areas, and implement unit upgrades as turnover occurs.
The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Caryn Miller. In addition to the sale, Wagner, Aaron Rosenzweig and Tim Hosmer arranged acquisition financing on behalf of the buyer.