Boutique private equity firm Livingston Street Capital continues to bolster its 55-plus active-adult portfolio with the recent acquisition of a luxury multifamily community in the Baltimore metro area.
Acquired from a private multifamily developer, the 150-unit Alta at Regency Crest in Ellicott City is close to health care, retail, and transportation. The four-story building offers one-, two-, and three-bedroom floor plans with upgraded interiors as well as sunrooms, dens, and private balconies in select units. The community features highly competitive amenities, including a heated indoor saltwater pool, a 24-hour gym with a yoga studio, a renovated game room and resident clubhouse, a theater room, a courtyard with a gazebo, a koi pond, a putting green, and a full-service beauty salon.
“In this case, the addition of Alta at Regency Crest to our portfolio marks Livingston’s ongoing expansion into the active-adult living sector and grows our geographical foothold,” said Peter Scola, Livingston founder and co-CEO. “The property is ideally located in close proximity to both Baltimore and Washington, D.C., and is well aligned with our strategy of identifying core, core-plus, and light value-add active-adult lifestyle communities in desirable locations, giving residents high-quality living with easy access to large metropolitan areas.”
This transaction comes on the heels of three recent acquisitions by Livingston affiliates in the active-adult multifamily space: the 144-unit Schuyler Commons in Utica, New York; the 148-unit Glenmont Abbey Village near Albany, New York; and the 150-unit Hanover Place in Tinley Park, Illinois.
According to Livingston, the firm is strategically leveraging baby boomers’ strong demand for active lifestyles and focusing on the 55-plus active-adult and independent living sector. As of 2020, all members of the baby boomer generation are at least 55 years old.
“We studied this sector for a long time; it dovetails well with our prior experience. These acquisitions are consistent with our investment strategy of building a defensive core and core-plus portfolio that focuses on fundamental needs of consumers, like housing for one of the largest segments of the U.S. population, while offering residents value as well as quality,” adds Scola.
