Leisure Care will become property manager for the community at closing. Upon closing, the community will be re-named Vantage at Cityview. Financial terms were not disclosed.
With the addition of Franklin Park, Leisure Care now operates 38 communities in the US and Canada.
Equity for the transaction will come from Carlyle Realty Partners, the US real estate group within The Carlyle Group, and represents its 30th investment in the senior housing sector.
Leisure Care senior vice president Jason Childers said they are excited to share their vision of Five-Star Fun with the residents of Franklin Park. They have a beautiful building to call home and they are anxious to provide the engaging programs and services that will create a world class retirement experience for them.
"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," Childers said.
Thad Paul, principal, US Real Estate at The Carlyle Group, said Franklin Park at Cityview is a great community in a strong submarket of Fort Worth. By combining their proven real estate success and Leisure Care’s strong operational leadership, they are confident this community will be an outstanding performer for their portfolio.
Franklin Park is located in the Cityview area of Fort Worth, Texas, proximate to Hulen Mall and numerous restaurants, retail venues, hospitals and attractive residential neighborhoods.
