Harbert Management Corporation (HMC) has sold five US senior housing communities across three separate transactions for a combined total of $455m (€395.3m).
The portfolio, spanning 811 units and nearly 1m sqft, comprises independent living, assisted living and memory care facilities across four states.
The assets include MorningStar of Albuquerque in New Mexico, MorningStar of Wheat Ridge in Denver, Colorado, The Carlisle Naples in Florida, and both the Tradition Prestonwood Independent Living and Tradition Prestonwood Assisted Living assets in Dallas, Texas.
Brian Landrum, senior managing director and co-fund manager for HMC’s seniors housing strategy, said: “At a time when liquidity remains a priority for private market investors, these exits demonstrate our ability to execute business plans, realise stakeholder value and return capital.
“The transactions meaningfully advanced investor distributions for our strategies, while reinforcing our conviction in the long-term fundamentals of the sector.”
Trent Johnson, senior managing director and co-fund manager for HMC’s seniors housing strategy, said: “We continue to see compelling opportunities in seniors housing, supported by accelerating demand driven by an aging population.
“We believe our experience in the sector positions us to selectively pursue new opportunities while continuing to create value across our portfolio.”
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