JV Acquires Senior Housing Portfolio for $200M
Welltower sold the six property, 507-unit portfolio to the newly-formed partnership of Taurus Investment Holdings and Northbridge Cos.
BOSTON – Taurus Investment Holdings LLC and Northbridge Cos. have formed a partnership and acquired six class A senior housing properties for $200 million.
Newmark Knight Frank facilitated the sale on behalf of the seller, Welltower.
The 507-unit portfolio, comprises both assisted living and memory care properties, located in suburban Boston submarkets.
The properties are operated by Northbridge Cos.
The transaction represents Taurus Investment Holdings’ first investment within the senior housing sector.
“Taurus is thrilled to have been able to capitalize on the opportunity to acquire an institutional quality portfolio,” states Peter A. Merrigan, CEO of Taurus. “We believe that the demand for high quality senior housing will remain strong in the coming years with the upcoming demographic shift as the 75+ population continues to accelerate.
“This transaction brings Northbridge Cos. back to our roots of partnering with high net worth families who have a long-term commitment to investing in institutional grade senior housing,” states James Coughlin, CEO of Northbridge Cos. “Northbridge and Taurus intend to partner on future transactions and to continue to build a best in class portfolio in New England.”