PHILADELPHIA, PA—Harrison Street Real EstateCapital, a real estate private equity firm focusedexclusively on investments in the Education, Healthcare, andStorage sectors, is acquiring an 11 property senior housingportfolio that includes properties in Philadelphia. Otherproperties in the portfolio are in the Baltimore, Boston, Staunton,VA and Newport, RI areas.
The transaction also marks the beginning of a newly formed jointventure with The Shelter Group, which willcontinue to operate these properties through its BrightviewSenior Living entity. Brightview, aBaltimore-based operator and developer of senior housing, developednine of these communities and currently operates each of theseassets through its Brightview brand.
The 11 assets collectively comprise a total of 1,600 units, 50percent of which are independent living, with the balance dedicatedto assisted living and memory care residents. The communitiesaverage 12 years of age; their locations, physical plant, amenitypackages and reputation for excellent care are among the best intheir respective markets. The Brightview communities continueHSRE's decade long healthcare strategy, which focuses onprivate-pay rental properties that serve independent living,assisted living and memory care residents that allow them to age inplace.
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