MARCH 7, 2013

Harrison Street pays $380 million for senior housing portfolio

by Andrea Waitrovich

Harrison Street Real Estate Capital has purchased seven class A senior housing properties located throughout Nassau and Suffolk counties (Long Island), N.Y.  The portfolio, called the Bristal Senior Housing Portfolio, had a sales price of approximately $380 million. The acquisition was completed on behalf of the Harrison Street Core Property Fund, an open-end vehicle, which was launched in 2012. The seven assets collectively comprise a total of 1,047 beds, 80 percent of which are assisted living, with the balance dedicated to patients with memory care needs. Harrison Street Core Property Fund is the industry's first open-end core fund dedicated exclusively to investing in stabilized, income-producing properties in the student housing, senior housing, medical office and self-storage segments of the U.S. real estate market. The opportunistic fund now owns 19 assets with a gross real estate value of approximately $800 million.  Read more

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