Harrison Street has acquired five US senior living communities as part of its ongoing partnership with Brightview Senior Living.
The alternative real assets investment firm has acquired 743 units across newly constructed communities in Massachusetts, Maryland, New Jersey, Pennsylvania, and Virginia for an undisclosed amount from Brightview.
Brightview, a long-term partner of Harrison Street, will continue to manage the communities. Following the deal, Harrison Street and Brightview will have a combined portfolio of 26 assets totaling over 3,600 units, including a development in Fairfax, VA that is currently under construction.
Mike Gordon, global CIO at Harrison Street, said “This strategic acquisition exemplifies Harrison Street’s commitment to identifying and investing in key opportunities in the senior living sector.
“We believe by partnering with experienced operators like Brightview, we will continue to deliver high-quality assets in supply-constrained markets, meeting the growing demand for premier senior housing while generating great outcomes for our investors.”
Doug Dollenberg Jr president and CEO of Brightview Senior Living, said: “We are pleased to strengthen our relationship with Harrison Street through this recapitalisation of five Brightview communities. With our aligned values, Harrison Street supports us in delivering on our commitment to make Brightview a great place to work for associates and a great place to live for our residents.
“As market conditions are starting to shift towards an environment favourable for recap transactions, we are very pleased to do our first post-pandemic deal with Harrison Street, who has been a strong long-term strategic partner of Brightview.”
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