September 13, 2016
Berkshire Group and Clearwater Senior Living have partnered to develop and strategically acquire senior housing properties throughout the Western United States. The partnership’s initial equity commitment is anticipated to generate more than $500 million in gross asset value. The plan is to look for joint venture opportunities with third-party institutional investors.
Berkshire and Clearwater plan to own, operate and develop senior housing assets including a mix of independent living, assisted living, and memory care facilities. “The new venture with CSL will allow us to complement our existing East Coast senior housing platform, with development opportunities in primary and secondary California markets as well as other West Coast markets,” said Jason Grossman with Berkshire Group Venture Investments.
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