Emeritus Corporation (NYSE: ESC) completed the acquisition of 24 assisted living communities with 1,867 units for approximately $99 million.

The facilities were part of a joint venture between the company and affiliates of Blackstone Real Estate Advisors.  Previously, Emeritus owned a 19% interest and Blackstone had 81% interest and had been operating the communities since late 2006 under management agreements for a fee equal to 5% of collected revenues.

The portfolio was valued at $310 million, and the net purchase price to acquire Blackstone’s 81% interest in the joint venture was approximately $99.0 million. The purchase price was funded through a $59.0 million increase in mortgage debt to $220.0 million, and the balance of $40.0 million from cash on hand. In addition, loan fees and closing costs were approximately $3.0 million.

Emeritus currently operates 482 communities in 42 states representing capacity for approximately 43,200 units and approximately 50,200 residents.