Allegro Harrington Park, a 173-unit upscale seniors housing community with a quiet waterside location in Bergen County, has changed hands. The 9.2-acre property at 200 Old Hook Road is situated on a peninsula in the Oradell Reservoir. The transaction’s financial details were not disclosed.
The Bergen County property is a joint venture between Allegro Senior Living and PGIM. JLL’s Senior Housing Capital Markets team, headed up by Senior Director Jim Dooley, repped the sellers in the transaction. The buyers are a joint venture between AEW Capital Management and Foundry Commercial. JLL also arranged a five-year acquisition loan for AEW. Allegro will continue to operate the Harrington Park community and become a JV partner with the new owners.
“Allegro Harrington Park is an elite and rare community in one of the most affluent areas of the country, and buyers were extremely interested in the opportunity to partner with Allegro,” commented JLL’s Dooley. “Congratulations to both PGIM and AEW on a successful transaction.”
Built in 2021, Allegro Harrington Park was developed by Allegro and PGIM. The Bergen County seniors housing community offers independent living, assisted living, and memory care units, including studio, one-, and two-bedroom units. The four-story property offers residents a wide array of luxury amenities, including wellness areas, a movie theater, an art studio, five dining options, a spa, a library, a garden room, and an indoor/outdoor pool. The property contains many walking paths and a main courtyard with a fire pit and full outdoor kitchen.
“Allegro Harrington Park is a premier seniors housing community in a highly desirable market, and we are pleased to add this asset to our portfolio,” added Sara Cassidy, Head of Portfolio Management and Senior Portfolio Manager at AEW. “Its quality, location, and strong operating partnership make it a compelling long-term investment.”
