Arcapita sells U.S. senior housing portfolio for $640m
Bahrain-based Islamic investment firm Arcapita has sold its portfolio of retirement communities across the United States to NorthStar Healthcare Income Trust for $640 million.
The portfolio includes 16 facilities and 4,000 residential units for continuing senior care.
The properties are one of the largest standalone portfolios of continuing care retirement communities in the United States. The majority of the facilities are full-service communities that offer a mix of independent living, assisted living, Alzheimer's care and skilled nursing care. The portfolio is managed by Watermark Retirement Communities.
The transaction represents Arcapita’s fifth sale as it exits the senior living sector.
Over the past seven years, senior housing in the United States has outperformed other property types. Demand continues to be driven by a number of factors, including an aging baby boomer population, an increasing recognition of the value provid