Northwest Care Management, Inc. (NWC) announced last week that it has entered into a joint venture agreement with Chicago-based investment management firm, Heitman, LLC. The venture will utilize approximately $125 million to acquire, reposition and renovate existing senior housing communities in Washington, Oregon, and California. During December 2010, NWC purchased Faerland Terrace, a 99-unit assisted living and memory care community in Seattle, for $24 million.
“We are extremely excited about the joint venture with Heitman,” said Tom Johnston, Founder and Chief Executive Officer of Northwest Care Management. “This opportunity allows us to take a very aggressive approach to purchasing a number of stabilized, upscale communities in more urban areas along the West Coast. We’ve already identified and acquired one property in Washington State and will continue to closely examine Oregon and California – specifically, Portland, Sacramento, San Francisco, Los Angeles, and San Diego.”