Source: Bridge Investment Group / #SeniorHousing #Apartments
NEW YORK, NY - Bridge Seniors Housing Fund Manager, an affiliate of Bridge Investment Group, announced the purchase of Somerby Senior Living Services, a premier seniors housing operator in the Southeastern United States, and a nine-property portfolio of seniors housing assets.
The purchase of Somerby will allow Bridge to offer a more vertically integrated property management model within the seniors housing space. As of the end of 2018, Bridge owns 90 properties across two private equity funds managed by Bridge Seniors Housing Fund Manager.
The nine seniors housing properties acquired represent a collection of modern, Class-A communities, located in prime Southeastern markets. The portfolio features a mix of Independent Living, Assisted Living, and Memory Care units, providing residents the luxury of aging in place.
Birmingham, Alabama-based Somerby has established itself as a leading management company over the past several years, particularly in the Southeastern United States. Industry veteran David Grady, alongside his experienced team, will continue to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and over 1,350 property-level employees. The properties currently managed by Somerby are over 94% occupied, which far surpasses the industry average.
“We are thrilled to bring David Grady and the Somerby team onboard. The portfolio and the team are best-in-class, with a compelling combination of product, people and markets. We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” said Robert Chapin, CEO of Bridge Seniors Housing Fund Manager.