Alternative real asset investment manager Harrison Street with $56 billion assets under management, has devoted one fund, now at $2 billion and potentially expanding to $4 billion, with one focus on the growing 80-plus age range, according to PERE. And that's going to mean senior housing.
The firm's Harrison Street Real Estate Partners Fund IX, launched in 2022, had more than $1 billion by September 2023. The target is $3 billion, which would be its largest ever, and there's a cap of $4 billion.
The Chicago-based firm told MarketWatch that instead of focusing on traditional property categories, it concentrates on demographics. In this case, the data says that the next few years will see an explosion of baby boomers in their 80s as new healthcare technology lets people live longer, which means a coming need for a lot more senior housing.
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