The Carlyle Group acquired Franklin Park at Cityview, a 203-unit independent living community in Southwest Fort Worth, TX said the company on Monday.
Upon closing, the community will be renamed Vantage at Cityview and Leisure Care will become property manager.
Built in 2004, the facility spans 24 acres and includes a heated swimming pool, nine-hole putting green, fitness center, theatre, full-service salon, transportation services, and a restaurant. Carlyle said it expects to spend more than $1 million after closing to upgrade the property, including refreshing the common areas and enhancing the food service program.
“We are excited to share our vision of Five-Star Fun with the residents of Franklin Park. They have a beautiful building to call home and we are anxious to provide the engaging programs and services that will create a world class retirement experience for them,” said Jason Childers, Senior Vice President, Leisure Care. “This addition to the Leisure Care portfolio continues our business plan of expanding our services to new locations and marks what we believe will be a great partnership with The Carlyle Group.”
“Franklin Park at Cityview is a great community in a strong submarket of Fort Worth,” said Thad Paul, Principal, US Real Estate at The Carlyle Group. “By combining our proven real estate success and Leisure Care’s strong operational leadership, we are confident this community will be an outstanding performer for our portfolio.”
With the addition of Franklin Park, Leisure Care now operates 38 communities in the US and Canada.
The transaction is the group’s 30th investment in the senior housing sector. Details of the deal were not disclosed.
