GLOBAL - An investor group led by Westport Capital Partners - a private equity firm that invests in distressed and opportunistic real estate assets - has sold a healthcare property portfolio worth $83m (€51m) to an unnamed investor.
The Connecticut-based firm bought the property with two other partners, Capital Health Group and Kaplan Development Group in 2007.
The latest sale is the fourth and the final sale of the portfolio, known as the New England Health Portfolio.
Jordan Socaransky, principal at Westport, said: "The operating improvements and facility expansions we undertook led to improved performance at each of the properties and have resulted in a successful exit for the partnership."
Net operating income has doubled across the portfolio since it purchased the property four years ago, the company said.
Occupancy also increased from 82% at acquisition to more than 90%. Rents were also raised across the portfolio.
Westport focuses on investments that have suffered from inadequate capitalisation, mismanagement and poor leasing. Socaransky said the company invests in healthcare-related assets and helps improve management quality and operating efficiency in partnership with other investors.
The four facilities included The Inn at Forge Hill in Franklin, MA; The Inn at Robbins Brook in Acton, MA; The Inn at Fillmore Pond in Bennington, VT; and The Inn at Spruce Wood in Durham, NH.
The two Massachusetts properties were sold in the second quarter of 2010 to a Boston-based investment management firm, while the property in New Hampshire was sold to a publicly traded owner-operator of senior housing properties.