The Carlyle Group has acquired Monarch Place Piedmont, a 149-unit assisted living community in Oakland, California.
Equity for the investment will come from the firm’s dedicated $2.25bn real estate investment fund Carlyle Realty Partners VI.
Carlyle said it will now embark on a $1.5m renovation of the property. The purchase represents Carlyle’s 32nd investment in the senior housing sector since 2003.
“We continue to have an interest in acquiring senior housing properties across the country,” said Carlyle managing director Thad Paul. “Our latest investment in Oakland is a good fit for Carlyle given its favourable location in the Bay Area market, the continuing strong demographics in the senior living space, and the opportunity to add value in the near term by improving the property.”
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