Harrison Street Acquires East Coast Senior Living Portfolio
The 1,322-unit portfolio consists of all stabilized properties and has maintained an average occupancy of 92% through the past three years.
CHICAGO— Locally-based Harrison Street has acquired a portfolio of 11 senior living properties managed by Brightview Senior Living located in Maryland, New Jersey and Massachusetts.
The 1,322-unit portfolio consists of all stabilized properties and has maintained an average occupancy of 92% through the past three years. The properties offer independent living, assisted living and memory care options and include top-of-the-line facilities in primarily residential areas with access to retail, entertainment and office spaces.
No financial terms of the transaction were disclosed.
“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,” says Michael Gordon, a senior managing director at Harrison Street. “These properties are located in affluent regions backed by strong demographics as well as high barriers to entry that require extensive approvals for development.”
He adds that the transaction furthers the partnership with Baltimore-based Brightview as Harrison Street continues to invest in what he terms as “top-tier senior housing assets.”
Brightview Senior Living builds, owns, and manages award-winning senior living communities in eight states along the East Coast: Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island and Virginia.
Earlier this month Brightview Senior Living held a ribbon cutting for its 171-unit Brightview Devon facility at 301 E. Conestoga Road in Wayne, PA.
During 2019, Harrison Street has thus far closed 48 transactions within the healthcare sector representing 71 assets in 22 states for a total cost of approximately $4.9 billion across four individual funds and with 13 operating partners. The activity involved the acquisition, development and repositioning of properties in the senior housing, medical office, behavioral health, life science and hospital infrastructure segments.
Harrison Street’s other notable healthcare related transactions in 2019 include the acquisition of Osborn Triangle, a state-of-the-art, multi-tenant office and laboratory complex located in East Cambridge/Kendall Square alongside some of the world’s top educational and research institutions, from a subsidiary of the Massachusetts Institute of Technology, and a public-private-partnership with Michigan State University to develop the Doug Meijer Medical Innovation Building at MSU’s Grand Rapids Innovation Park, a research and clinical facility located on MSU’s health campus in Grand Rapids, MI.