DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and financing of a nine-property seniors housing portfolio totaling 1,558 units across the southeastern United States.
The HFF team marketed the property on behalf of the seller, Dominion Partners, acting on behalf of its affiliated partner, Somerby Senior Living. Bridge Investment Group purchased the offering free and clear of existing debt. Additionally, the team worked on the new owner’s behalf to advise on acquisition financing.
The portfolio, which has an average weighted vintage of 2012, includes seven stabilized assets averaging 94.3 percent occupancy and two assets in the late stages of lease-up. All of the communities are located in diversified, high-barrier-to-entry markets with a unit mix that includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units.
The HFF investment advisory team representing the seller included senior managing directors Ryan Maconachy and Chad Lavender.
HFF’s debt placement team representing the new owner included director Sarah Anderson.
About Dominion Partners: Dominion Partners is headquartered in Birmingham, Alabama. The principals of Dominion Partners have been actively involved in owning and developing senior living communities for more than 20 years, consistently providing upscale retirement living throughout the Southeast.
About Bridge Seniors Housing Fund Manager LLC: Bridge Seniors Housing Fund Manager LLC invests in seniors housing and medical property assets across its family of funds, including seeking and investing in joint ventures and separately managed accounts. Bridge Seniors is among the largest owners of seniors housing units in the United States, with $3.5 billion of assets under management as of Q3 2018 and owning 90 communities with over 10,600 units as of December 31, 2018. These facilities provide accommodations and extensive services to residents in our seniors housing communities and seek to enliven their lives through state-of-the-art dining, wellness, social and other programs.
About Bridge Investment Group: Bridge Investment Group is a privately held real estate investment management firm with $13.5 billion in assets under management. Bridge combines its 1,200-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing and debt strategies.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.