Ziegler Arranges Sale of 15-Community Seniors Housing Portfolio for $180.5M

by Jeff Shaw

CHICAGO — Ziegler, a Chicago-based specialty investment bank, has acted as sell-side advisor to Retirement Housing Foundation (RHF) on the sale of its 15-community senior living portfolio.

The properties are located across six states: California (seven communities), Florida (three), Missouri (two), Indiana (one), Kentucky (one) and South Carolina (one). The properties collectively sold for $180.5 million.

The portfolio consisted of 3,200 market-rate independent living, 850 assisted living and memory care, and 563 skilled nursing beds. 

RHF is a California-based nonprofit organization. The portfolio represented the majority of RHF’s presence in market-rate seniors housing and post-acute care. The decision to divest the portfolio was strategic, as RHF’s organizational philosophy shifted towards serving limited-income seniors, people with disabilities and economically disadvantaged families. The proceeds from the divestiture will be utilized to develop additional affordable housing and to acquire existing affordable housing owned by others.

Pacifica Companies, a private equity firm based in San Diego, purchased the portfolio with various segments closing in phases throughout late 2022, 2023 and first-quarter 2024. Pacifica operates senior housing communities under its Pacifica Senior Living and The Meridian brands across several states.

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