Chiron Real Estate is acquiring three luxury US seniors housing communities from affiliates of Silverstone Senior Living for $425m (€361.8m), marking the healthcare real estate investment trust’s first move into the seniors housing sector.
NYSE-listed Chiron said it has agreed to acquire the 163-home The Landing Alexandria and the 129-home The Riviera at Alexandria, both in Alexandria, Virginia, for $249m. The firm is also acquiring the Pinnacle North Bethesda, a 175-home senior living community in Montgomery County, Maryland, for $176m.
Silverstone will continue to operate the communities, and Greystone will continue to manage the properties.
Mark Decker Jr, CEO of Chiron Real Estate, said: “These acquisitions represent Chiron’s initial entry into seniors housing and advance our strategy of investing in high-quality communities in supply-constrained markets. We believe this is an attractive time to enter the sector given the favourable long-term demand outlook and limited new supply.
“Each of our acquisition communities are newly constructed and we believe they are well positioned for long-term success given their superior quality and location. We look forward to partnering with Silverstone and Greystone to drive resident experience and operational performance.”
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