Bridge Investment Group, StepStone Real Estate launch $75m senior-housing venture

Bridge Investment Group Holdings has launched a $75 million program to acquire, develop, and operate needs-based senior-housing assets in the United States.

As part of the venture, StepStone Real Estate (SRE) co-invested in an existing portfolio managed by Bridge and intends to help build the platform by co-investing in other senior-housing assets identified by Bridge in the future.

“This program helps StepStone fulfill its dual objectives of furthering our social mission by helping to provide housing to senior residents on a needs-basis and also to provide attractive risk adjusted returns to our investors,” said John Waters, Partner and Head of Investments for SRE. “We teamed with Bridge because we believe their vertically integrated platform and their approach to investing, informed by their property-level operating capabilities, will position them to successfully execute this strategy.”