Brookdale Acquires $123-Mil Senior Housing Portfolio

CHICAGO-Brookdale Living Communities, based here, has closed on the lease from a third party designee of four senior and assisted-living properties. Brookdale is a developer, owner and operator of upscale senior and assisted-living properties in 15 states.

The properties in the transaction included: The Hallmark, 2960 N. Lake Shore Dr. on Chicago’s north side; The Springs of East Mesa, Mesa, AZ; Park Place, Spokane WA; and The Gables of Brighton, Rochester, NY. They were sold by the Senior Housing Properties Trust of Newton, MA.

Total purchase price for the four properties was $123 million. The deal, which included a total of 829 units, was financed with a first mortgage loan from Freddie Mac. Brookdale was previously the lessee of the properties, pursuant to a long-term lease from the Senior Housing Properties Trust.

Brookdale provides senior and assisted-living services to the elderly within 25 facilities containing an aggregate of about 6,550 units in urban and suburban settings. It tries to distinguish itself in the senior housing market with the variety of programs and housing options it offers residents.