StoryPoint Senior Living in partnership with Welltower has agreed to purchase three senior-living portfolios, subject to customary closing conditions, where StoryPoint will be the operating partner.
The portfolios comprise 2,787 units across 33 communities throughout Michigan, Ohio, and Tennessee. Assisted living and memory care account for approximately three-quarters of the units, and independent living represent the remainder. The total investment will be approximately $548 million or $197,000 per unit.
With a median vintage of 2016, the communities were largely in lease-up at the onset of the pandemic and, similar to the rest of the industry, were significantly impacted by COVID-related operational challenges. With 63 percent current average occupancy, these properties are anticipated to generate significant occupancy, margin, and cash flow growth in 2023 and beyond under StoryPoint's enhanced operating platform. Existing owners will be able to participate in this
