The Carlyle Group has acquired Monarch Place Piedmont, a 149-unit assisted living community in Oakland, Calif. Equity for the investment will come from Carlyle Realty Partners VI L.P., a $2.25 billion U.S. real estate investment fund, the firm said. The community was renamed The Point at Rockridge.
Global alternative asset manager The Carlyle Group (NASDAQ: CG) announced today that it has acquired Monarch Place Piedmont, a 149-unit assisted living community in Oakland, CA. Carlsbad-based senior housing management company Integral Senior Living (ISL) was hired to manage the property. Equity for the investment will come from Carlyle Realty Partners VI L.P., a $2.25 billion U.S. real estate investment fund.
After closing on December 21, 2012, the community was re-named The Point at Rockridge and Carlyle will embark on a $1.5 million renovation of the property featuring:
The conversion of the 2nd floor to a 27-unit memory care
floor and outdoor patio area, which will cater to residents
with Alzheimer’s and dementia
Installation of senior-friendly step-in showers
Conversion of 30 studio units to 15 one-bedroom units
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 and in partnering with first-class operators like ISL,” said Carlyle Managing Director Thad Paul. “Our latest investment in Oakland is a good fit for Carlyle given its favorable 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.”
The Point at Rockridge is ISL’s ninth retirement community in the Bay Area and the company’s 51st location in North America. ISL also manages Carlyle’s Whittier Place property in Los Angeles.
Having undergone a $7.3 million renovation in 2008, The Point at Rockridge features six floors of studio and one-bedroom suites. ISL will offer comprehensive assisted living services for those who choose or require assistance with their daily needs, but wish to remain as independent as possible. A wide range of services and activities for residents that provide social, educational, and recreational opportunities will be offered. Residents will also enjoy ISL’s award-winning Dining by Design program, which provides a personalized restaurant dining experience.
The Point at Rockridge is located at 4500 Gilbert Street in Oakland, adjacent to the Rockridge neighborhood of Oakland, just south of Berkeley, and just west of Piedmont.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $157 billion of assets under management across 101 funds and 64 fund of fund vehicles as of September 30, 2012. Carlyle’s purpose is to invest wisely and create value on behalf of our investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs 1,300 people in 32 offices across six continents.