“This transaction supports future growth for Allegro and aligns with our goals and mission to provide quality care for our residents.” says Larry Schiffer, Chairman and Chief Executive Officer (CEO) of Allegro.
St. Louis, MO (PRWEB) October 28, 2014
Allegro recently announced the sale of five properties to American Realty Capital Healthcare Trust II, Inc. (ARC). Allegro is a developer and operator of seniors housing communities located in Florida and Kentucky. The contract purchase price of these five Allegro properties was $172.5 million, exclusive of closing costs. This sale includes properties located in Jupiter, Florida; Stuart, Florida; Tarpon Springs, Florida; St. Petersburg, Florida; and Elizabethtown, Kentucky.
“ARC is excited to add these Class A communities to our portfolio and grow our operating relationship with Allegro,” says Ross Sanders, Vice President (VP) of American Realty Capital Healthcare Trust.
Vant•Age Pointe Capital Management & Advisory, Inc. acted as exclusive advisor in the transaction.
Allegro will continue to manage day-to-day operations of these five properties under the Allegro brand. This transaction allows Allegro to conclude the relationship with their current longstanding investor/lender and generate funding to build several new communities.
“We are very pleased to enter into this relationship with ARC,” says Larry Schiffer, Chairman and Chief Executive Officer (CEO) of Allegro. “This transaction supports future growth for Allegro and aligns with our goals and mission to provide quality care for our residents.”
The transaction closed recently. The five Allegro properties offer a full range of senior living options including independent living, assisted living, memory care and skilled nursing. Each property is well maintained and centrally located close to hospitals, highways and entertainment.
Allegro specializes in the development and management of luxury senior living communities. They currently operate nine communities throughout Florida and Kentucky, with a corporate office in St. Louis, Missouri. They specialize in independent living, assisted living, memory care and skilled nursing. Allegro provides seniors with services and amenities to live an inspired life. More information on Allegro can be found at http://www.allegroliving.com.