January 10, 2019
A portfolio of nine seniors housing assets totaling 1,558 units across the southeastern United States have been acquired by Bridge Investment Group from a partnership between Birmingham, AL-based Dominion Partners and Somerby Senior Living. The purchase of Somerby will allow Bridge to offer a more vertically-integrated property management model within the seniors housing space.
The portfolio, which has an average weighted vintage of 2012, includes seven stabilized assets averaging 94.3% occupancy and two assets in the late stages of lease-up. All of the communities are located in diversified, high-barrier-to-entry markets with a unit mix that includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units.
HFF’s Ryan Maconachy and Chad Lavender marketed the property on behalf of the seller, and HFF’s Sarah Anderson worked on the new owner’s behalf to advise on acquisition financing.
For comments, questions or concerns, please contact Dennis Kaiser