Fresh from raising $737 million in equity for a new investment fund, ROC Seniors Housing Fund Manager LLC already has acquired more than $1 billion worth of senior housing and medical health care properties within the last month, ROC Seniors CEO Robb Chapin tells SHN.
The completed fund, ROC Seniors Housing and Medical Properties Fund 1, exceeded its original target of $450 million by about 60%, Chapin says.
The company filed the amount of $578.34 million with the U.S. Securities and Exchange Commission on Aug. 17. The total fund came to $737 million, Chapin tells SHN, due to an additional amount in a “separate parallel vehicle.”
The $737 million consists of dollars from well-known pension funds, foundations and high net worth family offices, among other investors, Chapin says.
About 65% of the capital has already been committed since the fund’s close in July, according to Chapin, with investments spanning 37 properties in 16 states, with a value of more than $1 billion. This significantly grows the total ROC Seniors portfolio, which according to the company’s website consisted of 14 facilities either owned or under contract as of Sept. 1, 2014.
The remainder of the fund will be deployed over the course of the next year, specifically for private-pay senior housing communities and specialty medical healthcare property acquisitions.
ROC Seniors employs a third-party operator model for the properties it acquires. The company specializes in private-pay independent living, assisted living, memory care and CCRC facilities.
“We’re well into the investment period of this fund, but we’re continuing to be very active in seeking investment opportunities in the near future,” Chapin says.
The company did not disclose its specific acquisitions to date from this fund.
To make investments in senior housing and medical real estate, Bridge Investment Group Holdings first incepted a family of funds through ROC Seniors Housing Fund Manager LLC in 2013.
Written by Kourtney Liepelt