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ALPHARETTA, GA-Private equity firm Formation Capital, which specializes in the senior housing space, said Wednesday it has acquired 36 communities for approximately $400 million in partnership with investment house Safanad. The portfolio is spread across 13 states; a release from the company did not identify the seller or sellers, nor did it provide specifics on the locations. A Formation spokeswoman did not respond immediately to GlobeSt.com’s requests for additional information.

The portfolio comprises more than 2,600 units, 65% of which are in assisted living facilities, 18% in independent living and 16% in memory care. Formation says the communities will be managed by Senior Lifestyles Corp., Frontier Management and Prestige Senior Living, among others.

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