The $312 million sale of a 12-property portfolio operated by Atria Senior Living was among the many transactions that Healthpeak (NYSE: PEAK) announced last week, as part of the real estate investment trust’s exit from rental senior housing.
The buyer of this portfolio was Chicago-based private equity firm Harrison Street. The properties were essentially “handpicked” in an off-market process, thanks to the strong relationship with Irvine, California-based Healthpeak, according to Michael Gordon, partner and chief investment officer at Harrison Street.
The dozen communities were attractive to Harrison Street for several reasons. One factor was their location in markets where the firm already has strong operator relationships, creating an opportunity to grow these operator relationships in California, Florida, New Jersey, Arizona and Illinois. Harrison Street plans to transition the properties from Atria — a company that is not part of the firm’s existing stable of 23 operators — to a handful of partners such as REDICO, LCB Senior Living, Kisco Senior Living and Dial Senior Living.
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