Source: Formation Capital / #Senior #Housing
ALPHARETTA, GA - Formation Capital has acquired 36 seniors housing communities for approximately $400 million. With a footprint in 13 states, the portfolio comprises over 2,600 units representing a diversified care mix of 65% assisted living, 18% independent living and 16% memory care. Formation closed this transaction with its investment partner SAFANAD, a global principal investment house with locations in New York, Geneva, London and Dubai.
The communities will be managed by Senior Lifestyles Corporation, Frontier Management, Prestige Senior Living and other high quality senior living operators.
"This transaction demonstrates Formation Capital's continued focus on expanding its real estate footprint in private pay seniors housing," said Brian Beckwith, Formation Capital's Chief Executive Officer. "We believe this portfolio presented a rare opportunity to acquire high-quality real estate managed by best-in-class operating partners. We are excited to begin new strategic relationships with Senior Lifestyles Corporation and Prestige Senior Living and continue our strong relationship with Frontier Management."
Formation Capital is a leading private investment management firm focused on equity and debt healthcare investment opportunities. Since 1999, Formation Capital has invested over $5.5 billion of capital in seniors housing and care, post-acute services and health care real estate.