Bridge Investment Group Affiliate Acquires Nine-Property Senior Housing Portfolio
The purchaser, an affiliate of Salt Lake City-based Bridge Investment Group, has added nine senior housing properties to its portfolio with the deal to acquire Somerby, which is headquartered in Birmingham, AL.
BIRMINGHAM, AL—Bridge Seniors Housing Fund Manager LLC has acquired Somerby Senior Living Services, a seniors housing operator in the Southeast, for an undisclosed price.
The purchaser, an affiliate of Salt Lake City-based Bridge Investment Group, has added nine senior housing properties to its portfolio with the deal to acquire Somerby, which is headquartered in Birmingham, AL.
No financial details of the transaction were disclosed. A spokesperson for Bridge Investment Group had no comment on the firm’s purchase. Officials with Somerby Senior Living could not be reached for comment at press time.
Although Bridge Senior Housing Fund Manager states the deal involves nine senior housing properties, Somerby on its corporate website lists only eight owned locations in— Auburn, Birmingham and Mobile, AL; Mount Pleasant, SC; Peachtree City and Sandy Springs, GA; Santa Rosa Beach, FL and Franklin, TN. The deal also involves the Imperial Plaza senior housing community in Richmond, VA, which was managed by Somerby Senior Living Services, Globest.com has learned.
As of the end of 2018, Bridge owned 90 properties across two private equity funds managed by Bridge Seniors Housing Fund Manager.
Brokerage firm HFF marketed the property on behalf of the seller, Dominion Partners of Birmingham, AL, acting on behalf of its affiliated partner, Somerby Senior Living.
Bridge Investment Group purchased the portfolio free and clear of existing debt. Additionally, the team worked on the new owner’s behalf to advise on acquisition financing.
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, which includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units, according to HFF.
The HFF investment advisory team representing the seller included senior managing directors Ryan Maconachy and Chad Lavender. HFF’s debt placement team representing the new owner included director Sarah Anderson.
Somerby president and COO David Grady, alongside his experienced team, will continue to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and more than 1,350 property-level employees. The properties currently managed by Somerby are more than 94% occupied.
“We are thrilled to bring David Grady and the Somerby team onboard. The portfolio and the team are best-in-class, with a compelling combination of product, people and markets. We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” said Robert Chapin, CEO of Bridge Seniors Housing Fund Manager.
Bridge Seniors is among the largest owners of seniors housing units in the United States, with $3.5 billion of assets under management as of the third quarter of 2018 and owning 90 communities with more than 10,600 units as of Dec. 31, 2018.