New Senior sells assisted living properties for $386m

New Senior Investment Group has entered into a definitive agreement to sell its entire assisted living/memory care portfolio for a gross sale price of $385 million.

The assisted living/memory care portfolio includes 28 properties across 14 states and consists of 2,840 units. The portfolio is currently managed by six different operators, and occupancy was 78 percent as of third quarter 2019.

The transaction is expected to improve the company’s overall portfolio quality and capital structure, and will enable New Senior to focus on its core business — low acuity, private-pay senior housing.

The transaction is expected to close during first quarter 2020.