MAY 28, 2015

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Two senior housing portfolios change hands for $985m

by Andrea Waitrovich

In separate deals, two senior housing portfolios have sold for a total of $985 million.

NorthStar Healthcare Income, through a joint venture with NorthStar Realty Finance Corp., has acquired an $875 million portfolio of independent living facilities from affiliates of Harvest Facility Holdings. NorthStar Healthcare acquired a 40 percent interest in the portfolio, and NorthStar Realty acquired the remaining 60 percent interest. The portfolio, which will continue to be managed by Holiday Retirement Communities, consists of 32 percent assisted living communities with 3,983 units in 12 states; the largest concentration of facilities is in California, Texas and Washington state. It is 100 percent private pay and 93 percent resident occupied.

Prudential Real Estate Investors, on behalf of its Senior Housing Partners V, purchased the second portfolio. The acquisition is the first investment for the newly launched fund. On May 5, PREI announced it had raised $629 mill

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