BOSTON and NEWPORT BEACH, Calif. — Clearwater Senior Living, a Newport Beach-based seniors housing developer, and Berkshire Group, a Boston-based multifamily investor, have formed a new joint venture that plans to develop and acquire $500 million in seniors housing communities in the Western United States.
The JV plans to bring in third-party institutional investors to help fund the pipeline.
“Berkshire is excited to … expand our investment footprint in seniors housing,” says Jason Grossman, managing director with Berkshire Group Venture Investments. “The new venture with Clearwater will allow us to complement our existing East Coast seniors housing platform with development opportunities in primary and secondary California markets, as well as other West Coast markets.”
The joint venture will own, operate and develop a mix of independent living, assisted living and memory care communities.
“The venture with Berkshire represents a long-term strategic alliance for Clearwater Senior Living to continue our team’s passion to own, develop and operate innovative seniors housing communities,” says Tony Ferrero, CEO of Clearwater.
As of June 30, Berkshire Group had approximately $7.2 billion in real estate assets under management, largely in the multifamily sector.