PGIM, Kisco JV acquires senior housing sector

PGIM Real Estate and Kisco Senior Living have formed a joint venture to acquire and operate Byron Park, a 187-unit independent and assisted living community in Walnut Creek, Calif.

The JV acquired the assisted living community through PGIM Real Estate’s Senior Housing Partners V fund, the fifth in the firm’s series of closed-end senior housing funds. The fund held a final close in 2015, raising $629 billion in total equity commitments.

Byron Park is located 20 miles east of San Francisco with 187 independent and assisted living residences. In addition to renovating existing apartments, PGIM Real Estate and Kisco intend to expand Byron Park’s service offerings with the construction of a two-story building, which will feature 40 residences of purpose-built assisted living and memory care.

The purchase is PGIM Real Estate’s third JV partnership with Kisco, which will continue to operate and manage the community. Kisco has owned and operated Byron Park since