CHICAGO — Harrison Street, a Chicago-based alternative asset investment firm, has acquired a portfolio of 11 properties managed by Brightview Senior Living located throughout Maryland, New Jersey and Massachusetts.
Harrison Street and Brightview already partner on several properties. This acquisition adds 1,322 units to the portfolio. The price and seller were not disclosed.
The properties include:
- Brightview Perry Hall, Nottingham, Maryland
- Brightview Rolling Hills, Catonsville, Maryland
- Brightview Towson, Towson, Maryland
- Brightview White Marsh, Baltimore
- Brightview South River, Edgewater, Maryland
- Brightview Greentree, Marlton, New Jersey
- Brightview Mount Laurel, Mount Laurel, New Jersey
- Brightview Woodbury Lake, Deptford, New Jersey
- Brightview Concord River, Billerica, Massachusetts
- Brightview North Andover, North Andover, Massachusetts
- Brightview Fallsgrove, Rockville, Maryland
The portfolio consists of all stabilized properties and has maintained an average occupancy of 92 percent through the past three years. The properties offer independent living, assisted living and memory care options and are located in primarily residential areas with access to retail, entertainment and office spaces.
“This portfolio acquisition is consistent with Harrison Street’s broader healthcare real estate strategy and highlights the strong demand for high-quality assisted living and memory care service assets,” says Michael Gordon, a senior managing director at Harrison Street. “These properties are located in affluent regions backed by strong demographics as well as high barriers to entry that require extensive approvals for development.”
Harrison Street specializes in the education, healthcare and storage sectors.