Harrison Street Real Estate Capital have sold eight senior housing living communities to Bridge Investment Group. The properties were developed in partnership with Dominion Partners. No financial terms were disclosed.
CHICAGO – March 4, 2018 – Harrison Street Real Estate Capital (“Harrison Street”), one of the largest real estate investment firms dedicated to the Education, Healthcare and Storage sectors, today announced the sale of eight senior housing living communities developed in partnership with Dominion Partners, LLC., a senior living and multi-family property focused real estate company, to Bridge Investment Group.
The 887-unit portfolio consists of six properties across eight southeastern senior living communities in Alabama, Florida, Georgia, and Tennessee, with an overall occupancy rate of 92%. The assets include Somerby Peachtree City I, Somerby Peachtree City II, Somerby Sandy Springs, Somerby Franklin, Somerby Santa Rosa and Somerby Auburn. The properties were held across four Harrison Street Opportunity funds.
Christopher Merrill, Co-Founder & Chief Executive Officer of Harrison Street said, “This transaction is reflective of Harrison Street’s proven strategy of leveraging our deep understanding of the seniors housing sector as well as the demographics of the regions in which we invest –down to the zip code – in order to identify attractive investment opportunities to create value for our investors and partners. Harrison Street is committed to continuing to develop high-quality senior housing, including independent living, assisted living and memory care facilities, with significant value-add potential across the U.S. and in underserved markets.”
Harrison Street is a leader in the healthcare real estate space and one of the largest investors in the senior housing market investing in more than 24,000 senior housing units. Since 2005, Harrison Street has sold more than $2.2 billion of healthcare real estate assets.
About Harrison Street
Harrison Street is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment products across multiple risk/return strategies. Headquartered in Chicago with an office in London, the firm employs a 140-person team and has approximately $18.0 billion in assets under management. For more information, please visit www.harrisonst.com.