"Constellation Energy Group's core competencies aredistribution, generation, and origination," Constellation's SharonSasada tells GlobeSt.com of the company's motive behind the sale."We're focusing on these core areas and divesting our non-coreassets." While the acquisition was a joint endeavor, Five Star andSenior Housing divided the purchases, with Five Star taking sevenproperties for $27 million including the assumption of $15.8million in mortgage debt, and Senior Housing taking eightproperties for $50.15 million.

The deal leaves Five Star with a total of 407 units comprisingnearly 256,000 sf of space among one complex in Connecticut and sixcomplexes in Maryland. The other half of the buying team ends upadding to its portfolio 609 residential units in 423,000 sf ofspace among five complexes in Maryland, one in North Carolina andtwo in Virginia. As of last month, the properties were at anaverage 86% occupancy level.

Constellation came close to disposing of its assisted-livingproperties three years ago. Sunrise Assisted Living Inc. had agreedto purchase 12 of the company's homes and three that were underconstruction for $72 million plus a $16 million debt assumption.However, that deal fell through just a few months after theannouncement. This time around, Constellation has succeeded inleaving the senior-housing property business in one fell swoop. Theprofit from the dispositions, Sasada says, "will be re-deployedinto Constellation Energy Group's core businesses."