Tampa, Fla. – PGIM Real Estate and Allegro Senior Living (ASL) have announced the formation of a joint venture to acquire a senior living community in Hyde Park, Florida. Formerly known as Horizon Bay at Hyde Park, the community includes 136 units consisting of independent living and assisted living. The community has been rebranded as Allegro at Hyde Park.
ASL and PGIM Real Estate will serve as co-owners, with ASL acting as operator of the community. Both companies operate with similar values, focusing on people as the heart of their businesses. PGIM Real Estate is the real estate investment business of PGIM, Inc., the global investment management businesses of U.S.-headquartered Prudential Financial, Inc. (NYSE: PRU).
“It’s an exciting time for our community,” says Jennifer Rotunda, Executive Director of Allegro located in Hyde Park. “Allegro Senior Living’s experience brings a fresh perspective while maintaining the culture and the exceptional service provided to residents.”
ASL specializes in the ownership and management of senior living communities with roots in real estate, finance and banking that date back to 1875. Their mission is to create inspired experiences for residents, associates and stakeholders.
“The Hyde Park community fits in seamlessly with our portfolio of managed properties,” says Douglas Schiffer, President & Chief Operating Officer of Allegro Senior Living. “We are very happy to welcome this team of associates who already live the Allegro values that make us successful.”
“The superior quality of the Hyde Park community, including high-quality building and unit amenities, and the close proximity to Tampa’s premier retail areas and hospitals, made this an ideal investment on behalf of our clients,” said Noah Levy, head of PGIM Real Estate’s Senior Housing business. “We look forward to expanding and strengthening our relationship with Allegro Senior Living through this joint venture.”
The new branding of the Hyde Park community reflects Allegro’s name, values and long-standing reputation of providing exceptional care and services to seniors. ASL has also incorporated the Hyde Park community into its existing website at www.allegroliving.com. The on-site team will stay in place. At this time, there are no major changes or renovations planned for the community.