Health Wave Partners has acquired Alamar Senior Living, a 134-unit assisted living and memory care community in Wellington, Florida. The financial terms of the transaction were not disclosed.
The acquisition expands Health Wave Partners’ portfolio in the senior housing sector and strengthens its presence in South Florida, a market supported by favorable demographic trends and growing demand for high-quality residential care.
Alamar is a Class A senior living community offering assisted living services for residents who need support with daily activities and memory care for individuals living with Alzheimer’s disease and other forms of dementia.
The property is managed by AgeWell Senior Living, which will continue operating the community following the acquisition.
Health Wave Partners said the transaction brings together a high-quality property, an experienced senior living operator and an attractive regional market.
Alamar offers a range of amenities designed to support resident wellness, social engagement and quality of life. These include chef-prepared dining, a fitness center, a movie theater, a beauty salon and a dog park.
The community also features a secure courtyard specifically designed for memory care residents, providing an outdoor environment intended to promote safety, comfort and engagement.
AgeWell operates its proprietary Floreo cognitive engagement program at the community. The program is designed to provide structured activities and experiences that support cognitive function, emotional wellness and social connection among memory care residents.
Alamar recently completed a substantial property improvement program. The upgrades included renovations to resident units, shared spaces, furnishings and outdoor amenities.
Health Wave Partners believes those improvements have strengthened the property’s market position and created a foundation for continued operational growth.
Wellington is located in Palm Beach County and is part of one of Florida’s largest and fastest-growing senior housing markets.
South Florida continues to attract older residents because of its warm climate, healthcare infrastructure, lifestyle amenities and established retirement communities.
The region’s aging population is expected to support long-term demand for assisted living and memory care services.
Health Wave Partners focuses on acquiring senior housing communities in partnership with experienced operating companies.
The investment firm seeks properties that can benefit from strong local demographics, high-quality management and opportunities to improve resident services and financial performance.
Health Wave Partners is supported through a strategic partnership with Macquarie Asset Management.
The relationship gives Health Wave Partners access to institutional capital and global investment resources while allowing the firm to maintain a focused and flexible approach to senior housing acquisitions.
AgeWell was founded in 2009 and manages 38 senior living communities across seven states.
The company provides management services for senior housing owners and investors while focusing on resident care, employee engagement and operating performance.
AgeWell has received Great Place to Work recognition for nine consecutive years.
The operator said it will continue building on Alamar’s existing reputation for resident service, employee dedication and operational quality under Health Wave Partners’ ownership.
The acquisition represents another step in Health Wave Partners’ strategy of assembling a portfolio of high-quality senior living communities alongside established operating partners.
KEY QUOTES:
“Alamar is an exceptional community in one of South Florida’s most attractive senior housing markets and exemplifies the type of high-quality assets we seek to acquire alongside best-in-class operating partners. We are excited to welcome AgeWell as a new operating partner and look forward to building on the strong momentum their team has already created. We believe the combination of a premier asset, a highly experienced operator, and favorable demographic trends positions the community for continued long-term success.”
Philip Kayden, Chief Investment Officer of Health Wave Partners
“Alamar Senior Living has built an outstanding reputation for exceptional resident experiences, dedicated team members, and operational excellence. We are honored to continue serving as the management company under Health Wave Partners’ ownership and look forward to this next chapter for the community. Together, we will continue building on Alamar’s strong foundation while delivering the exceptional service and care residents, families, and team members have come to expect.”
David Mills, President and Chief Operating Officer of AgeWell Senior Living
