Oakwood has been an investor in Foundry’s business since 2017 and a minority owner since 2020. This relationship positions Oakwood to invest alongside Foundry in high-conviction senior housing and industrial opportunities. We serve on Foundry’s Board of Directors and Investment Committee, providing a majority of the GP capital required by institutional LPs.
Originally acquired in May 2022, the Spring Arbor branded portfolio ultimately encompassed 25 senior housing communities totaling more than 1,400 units, located across high-quality, demographically strong markets in Maryland, Virginia, and North Carolina. The investment thesis centered on operational improvement, targeted capital deployment, and disciplined execution alongside best-in-class partners.
Over the life of the investment, the portfolio achieved meaningful transformation:
Occupancy increased from ~79% to over 90%
NOI margins more than doubled
Multiple interim asset sales were executed (14 assets sold)
Remaining 11 communities (749 units) sold Feb 2026 | $296M ($395k/unit) | Management retained
These results reflect Oakwood’s conviction in the senior housing sector, the strength of the Allegro Living, LLC operating platform, and the collaborative execution alongside our partners at Foundry Commercial and a leading institutional LP partner.
