Health Care REIT is purchasing a nine-property assisted living portfolio managed by Benchmark Senior Living from the current owner for $360 million, the Boston Globe first reported Thursday.
The health care REIT is purchasing the properties—all located in New England—from a private real estate company, Boston-based Intercontinental Real Estate Corporation.
A representative for Intercontinental confirmed that the portfolio comprises 691 units in total and has been purchased by the REIT.
The company purchased the portfolio in July 2005 for about $152 million, according to the Boston Globe. It spent more than $20 million updating the communities, and the sale marks the largest transaction in the company’s history.
“We are more than pleased with this sale, a record setter for assisted living,” Intercontinental chief executive Peter Palandjian told the Globe. “This exit represents an awesome financial outcome for the many public pension and union retirement funds invested with Intercontinental. Benchmark has been a tremendous partner. We appreciate that these nine senior living facilities will remain under stable ownership.”
Seven of the properties are located in Massachusetts, with one property in Connecticut and one in New Hampshire.
Benchmark is an existing partner with Health Care REIT.
Health Care REIT declined to comment, stating the company does not comment on transactions that have not been publicly disclosed. Benchmark also declined to comment on the transaction.
Written by Elizabeth Ecker