SEATTLE and VANCOUVER, Wash. — Columbia Pacific Advisors, a real estate investment fund manager, has agreed to acquire Hawthorn Retirement Group, a seniors housing owner-operator, for an undisclosed price.
Both firms are based in Washington state, Columbia Pacific in Seattle and Hawthorn in Vancouver. Hawthorn’s portfolio includes 55 communities in operation and 24 under construction or in pre-development across 20 states and two Canadian provinces. The acquisition includes the portfolio as well as Hawthorn’s management and construction business.
Though terms of the deal are not disclosed, Columbia Pacific confirmed that the existing corporate structure of Hawthorn will be maintained. Pat Kennedy, CEO of Hawthorn, who will stay on as a Hawthorn senior executive.
“We have a deep appreciation for Hawthorn’s outstanding company culture and we look forward to supporting the existing leadership in the next phase of the company,” says Dan Baty, co-founder of Columbia Pacific Advisors.
Seniors housing has long been a focus of Columbia Pacific, which has developed or acquired more than 300 communities totaling 25,000 units over the last 10 years. The company also invests in standard multifamily and other commercial real estate sectors.
The acquisition is expected to close by the end of the summer.