Brookdale Senior Living (NYSE: BKD) and HCP, Inc. (NYSE: HCP) have closed their previously announced portfolio acquisition of 35 private-pay senior housing communities from Chartwell Retirement Residences for $847 million.
Brentwood, Tennessee-based Brookdale has operated the portfolio, which includes 5,025 units, since 2011 after its acquisition of Horizon Bay, and will continue to manage the communities under a RIDEA joint venture structure, with HCP and Brookdale owning 90% and 10%, respectively.
The properties — which represent the entirety of Chartwell’s U.S. portfolio — are located in eight states with concentration in Florida, Texas and Colorado. A majority of the communities are located in the nation’s top 31 Metropolitan Statistical Areas (MSAs), with an average portfolio occupancy rate of 89%, previous reports indicate.
Representing each level of care, the portfolio is comprised of assisted living (46%), independent living (45%), memory care (5%) and skilled nursing (4%).
Written by Emily Study