REIT Closes on 5-Property Allegro Portfolio for $173 Million

Allegro Senior Living, a developer and operator of luxury senior living communities, has announced the sale of five senior living properties to American Realty Capital Healthcare Trust II, Inc., for $172.5 million, excluding closing costs.

The properties include nearly 700 units in total and span a range of senior living unit types including independent living (IL), assisted living (AL), memory care and skilled nursing. They are located in Jupiter, Fla.; Stuart, Fla.; Tarpon Springs, Fla.; St. Petersburg, Fla.; and Elizabethtown, Ky.

Broken down, the Jupiter property offers IL, AL and memory care, with 145 units total. The Stuart property also offers IL, AL and memory care comprising 195 units in total. Tarpon Springs offers IL and AL, with 36 and 56 units, respectively. The St. Petersburg property offers IL, AL and skilled nursing, and has 200 units total. The Kentucky property offers AL and memory care, with 54 and 13 units, respectively.


“ARC is excited to add these Class A communities to our portfolio and grow our operating relationship with Allegro,” says Ross Sanders, vice president of American Realty Capital Healthcare Trust.

Allegro will continue to manage day-to-day operations of these five properties under its brand. The deal allows Allegro to conclude the relationship with its current longstanding investor/lender and generate funding to build several new communities, the company says.

“We are very pleased to enter into this relationship with ARC,” says Larry Schiffer, Allegro chairman and CEO. “This transaction supports future growth for Allegro and aligns with our goals and mission to provide quality care for our residents.”


Vantage Pointe Capital Management represented Allegro in this transaction.

American Realty Capital Healthcare Trust II, a non-listed real estate investment trust (REIT) that focuses on health care-related assets, acquired another senior living portfolio earlier this month; a six-property portfolio for $97.74 million with assisted living and memory care communities in Georgia, Florida and Missouri.

Written by Emily Study