TAMPA, Fla., Oct. 1, 2026 /PRNewswire/ -- As demand for high-quality senior living continues to grow, Foundry Commercial, alongside leading institutional capital partner AEW, has acquired premier communities in New Jersey and Florida, adding two best-in-market properties to its growing senior living portfolio.

The acquisitions include Allegro Harrington Park, a 173-unit full-continuum senior living community developed by Allegro in Harrington Park, N.J., and Allegro Hyde Park, a 136-unit community in Tampa's Hyde Park neighborhood. Both communities were previously operated by Allegro Living, Foundry Commercial's wholly owned senior living management platform and are recognized among the highest-quality communities in their respective markets. Allegro Living will continue to operate both communities.

Delivered in 2021, Allegro Harrington Park offers a full continuum of independent living, assisted living, and memory care in Bergen County, approximately 20 miles from Manhattan. Allegro Hyde Park includes independent living and assisted living residences in one of Tampa's most established and sought-after neighborhoods.

"These two exceptional communities represent the caliber of senior living opportunities we want to operate and pursue," said Kevin Maddron, President of Healthcare Services for Foundry Commercial. "Allegro's role in developing and operating these communities, with an uncompromising focus on quality and care, has made them both highly recognized in their markets. Because we know these properties, their operations, and their markets so well, we have tremendous confidence in what they offer today and their potential for the future."

"This investment reflects the type of opportunity we look for as we continue to grow our senior living portfolio," said Pryse Elam, Chief Investment Officer for Foundry Commercial. "These are exceptionally well-built, well-operated communities in attractive markets, with strong fundamentals and long-term potential. Having that level of conviction in the assets and their operations made this a compelling opportunity to deploy capital, and completing both transactions represents a meaningful investment in the continued growth of our senior living platform."

Allegro Living will continue to oversee day-to-day operations at both communities, providing continuity for residents, families and associates while drawing on the company's experience operating senior living communities across multiple states. For more information about Allegro Living, visit www.allegroliving.com.

About Foundry Commercial:

Foundry Commercial is a full-service commercial real estate services and investment company operating across office, industrial, retail, multi-family, healthcare, religious, and not-for-profit asset classes and clients. Focused on the Sun Belt markets, Foundry is sustained by more than 5,000 associates operating from 12 markets, providing leasing and management on more than 77 million square feet and approximately 4,300 seniors housing units, typically executing over $2 billion in leasing, tenant rep, and investment sale transactions annually. Foundry's development and investment platform is fully integrated with its services business and has developed or acquired over $7 billion in transaction volume alongside many of the best-known institutional investors in the country. For more information, visit www.foundrycommercial.com.

About Allegro Living:

Allegro Living is a wholly owned subsidiary of Foundry Commercial and serves as the company's senior living operating platform. Allegro develops and manages senior living communities across the Mid-Atlantic, Southeast, and Midwest, bringing more than 45 years of experience serving older adults and their families. Through its family of brands including Allegro, Alto, and Spring Arbor named communities, Allegro Living offers resident-centered lifestyles focused on wellness, connection, and personalized support, including independent living, assisted living and memory care. Learn more at www.allegroliving.com.

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SOURCE Foundry Commercial