December 12, 2019
Harrison Street acquired a portfolio of senior living properties managed by Brightview Senior Living for an undisclosed sum. The 1,322-unit transaction, spanning three senior living communities in Maryland, New Jersey and Massachusetts, expands Harrison Street’s partnership with Brightview.
The portfolio consists of 11 properties, all of them stabilized, and has maintained an average occupancy of 92% through the past three years. The properties offer independent living, assisted living and memory care options.
“This portfolio acquisition is consistent with Harrison Street’s broader healthcare real estate strategy, and highlights the strong demand for high-quality assisted living and memory care service assets,” said Harrison Street’s Michael Gordon. “These properties are located in affluent regions backed by strong demographics as well as high barriers to entry that require extensive approvals for development.”
Harrison Street and Brightview have been partners in the space since 2014, when Chicago-based Harrison Street acquired a Brightview-managed portfolio for $520 million.
Pictured: A Brightview property in Arlington, MA.
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