Harrison Street has acquired a portfolio of senior living properties managed by Brightview Senior Living. No financial terms were disclosed.
CHICAGO – DECEMBER 11, 2019 — Harrison Street, one of the largest alternative real asset investment firms dedicated to the Education, Healthcare and Storage sectors, today announced that it has acquired a portfolio of high-quality senior living properties managed by Brightview Senior Living. The transaction expands Harrison Street’s partnership with Brightview and commitment to meet the growing demand for senior housing in affluent and high barrier to entry markets.
The 1,322-unit portfolio consists of 11 properties across three East Coast senior living communities in Maryland, New Jersey and Massachusetts. The portfolio consists of all stabilized properties and has maintained an average occupancy of 92% through the past three years. The properties offer independent living, assisted living and memory care options and include top-of-the-line facilities in primarily residential areas with access to retail, entertainment and office spaces.
“This portfolio acquisition is consistent with Harrison Street’s broader healthcare real estate strategy and highlights the strong demand for high-quality assisted living and memory care service assets,” said Michael Gordon, a Senior Managing Director at Harrison Street. “These properties are located in affluent regions backed by strong demographics as well as high barriers to entry that require extensive approvals for development. Brightview has a successful track record of building, owning and operating senior living communities and we are pleased to further our partnership with them as we continue to invest in top-tier senior housing assets.”
“We are delighted to expand our long-term relationship with Harrison Street,” said Jeffrey Hettleman, Partner and Chief Financial Officer at Brightview. “Harrison Street has always been supportive of Brightview’s mission to deliver a best-in-class senior living experience for our residents, and we are thrilled to expand that partnership to include more of our Brightview communities.”
During 2019, Harrison Street was one of the most prolific investors in healthcare real estate having closed 48 transactions within the healthcare sector representing 71 assets in 22 states for a total cost of approximately $4.9 billion across four individual funds and with 13 operating partners. This activity involves the acquisition, development and repositioning of properties in the senior housing, medical office, behavioral health, life science and hospital infrastructure segments.
Harrison Street’s other notable healthcare related transactions in 2019 include the acquisition of Osborn Triangle, a state-of-the-art, multi-tenant office and laboratory complex located in East Cambridge/Kendall Square alongside some of the world’s top educational and research institutions, from a subsidiary of the Massachusetts Institute of Technology, and a public-private-partnership with Michigan State University (“MSU”) to develop the Doug Meijer Medical Innovation Building at MSU’s Grand Rapids Innovation Park, a cutting-edge research and clinical facility located on MSU’s health campus in Grand Rapids, Michigan.
Since inception, Harrison Street acquired and developed over $15 billion in healthcare real estate, including more than $7 billion of senior housing assets.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 150-employees and approximately $22.9 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. For more information, please visit www.harrisonst.com.
About Brightview Senior Living
Brightview Senior Living builds, owns, and manages award-winning vibrant senior living communities in eight states along the East Coast: Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, and Virginia. We offer vibrant senior Independent Living, Assisted Living, Enhanced Care, and Wellspring Village(R), a specialized neighborhood for people living with Alzheimer’s disease and other forms of dementia.
Each of our Brightview Senior Living communities focuses on five elements of wellness which we call SPICE. Spiritual, Physical, Intellectual, Cultural, and Emotional. Our amenities and programs encourage active senior living communities and development in these areas, keeping residents active and healthy. Learn more at http://www.BrightviewSeniorLiving.com, LinkedIn, and Facebook.