Forest City Enterprises, Inc., (NYSE:FCEA) recently announced that one of the company’s subsidiaries has closed the sale of its partnership interests in three supported-living apartment communities to a subsidiary of Hyatt Corporation. The three properties, all of which operate under the Classic Residence by Hyatt brand, are located in Teaneck, N.J., Chevy Chase, Md., and Yonkers, N.Y., and have a total of 869 supported-living rental units. Units of Forest City and Hyatt have been partners in the properties since their initial development and Forest City expects to receive proceeds of approximately $30 million from the sale.
"This sale is part of our ongoing strategic exit as a company from the supported-living segment of the residential multifamily market," said Charles A. Ratner, Forest City president and chief executive officer. "It’s also another step in our efforts to capture value – and generate liquidity – from within our portfolio. We’ve had a long and productive partnership with Classic Residence by Hyatt, and we salute their continued leadership in senior living."