Formation Acquires, Rebrands Community in New Jersey

by Jeff Shaw

TINTON FALLS, N.J. — Formation Development Group and an unnamed second investor has acquired Kensington Court, a seniors housing community in Tinton Falls, approximately 30 miles south of New York City. The price was not disclosed.

Formation selected Atlanta-based The Arbor Company to manage the property, and subsequently rebranded the community as Arbor Terrace Shrewsbury. Arbor now operates 28 communities in 11 states.

Formation has planned renovations at the community, including impovements to the exterior, common areas and apartments.

Formation Development Group is a senior living consulting, development and investment company based in the Atlanta suburb of Alpharetta.

Mark Myers, executive director of Institutional Property Advisors, Joshua Jandris, senior director at the same firm, and Charles Loccisano, a Marcus & Millichap investment sales professional in New Jersey, represented the seller, the TAK Group of Clark.

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