Health Care REIT Acquires Nine Seniors Communities for $360M

by Jeff Shaw

Toledo, Ohio-based seniors housing and healthcare real estate giant Health Care REIT (NYSE:HCN) has purchased nine assisted living communities in New England for $360 million, according to The Boston Globe.

The communities are all part of Benchmark Senior Living, which operates over 40 seniors housing communities throughout New England. The nine facilities sold include 691 total residences. The seller was Intercontinental Real Estate Corp. of Boston.

According to The Boston Globe, the sale is the largest in Intercontinental’s history. It purchased this portfolio 10 years ago for about $152 million, then spent an additional $20 million renovating the facilities.

“We are more than pleased with this sale, a record setter for assisted living,” Peter Palandjian, Intercontinental’s chief executive, told The Boston Globe. “Benchmark has been a tremendous partner. We appreciate that these nine senior living facilities will remain under stable ownership.”

The nine facilities purchased were Benchmark’s communities in: Billerica, Chelmsford, Haverhill, Leominster, Plymouth, Shrewsbury, and Waltham, Mass.; Ridgefield, Conn.; and Nashua, N.H.

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