A federal judge in the state of California has granted final approval to a $7.5 million settlement of a 2012 class action lawsuit under the Fair Labor Standards Act alleging that senior living operator Holiday Retirement failed to accurately pay community managers and co-managers for all hours worked. Holiday Retirement, the largest independent living provider […]
Fortress Investment Group
Ventas Inc. (NYSE:VTR) has acquired a 26-property portfolio of independent living communities from Holiday Retirement for around $790 million, the REIT disclosed in its third quarter earnings report. Holiday Retirement, owned by Fortress Investment Group, is the largest independent living provider in the U.S. with around 300 locations, according to its website. “This is a […]
NHI Buys Senior Living Campus for $12 Million National Health Investors, Inc. (NYSE: NHI) announced last week a $12 million acquisition of a 120-unit retirement community in Rainbow City, Ala. Built in 2003, the Regency Point Retirement Community contains 72 rental independent living units, 36 assisted living units and 12 memory care units, altogether having […]
While real estate investment trusts (REITs) are known for being long-term asset holders, some private investors are pursuing a shorter term, value-add strategy, often in the hopes of attracting REITs’ deep pockets. Rather than hold senior housing properties long term, another strategy is to make one-off acquisitions that may be undesirable to or overlooked by […]
TJM Properties recently sold the majority of its senior housing portfolio to Fortress Investment Group (NYSE:FIG), the owner of Holiday Retirement Corp., in a transaction valued at more than $200 million, according to the Orlando Business Journal. The 15 properties included in the transaction comprised about 80% of TJM’s senior housing assets and are located […]
Demographics in China are working to the favor of senior care developers, as the ‘one-child’ policy plus the growing senior population has led to a greater—and government-recognized—need for retirement communities. Both local and foreign developers and investors are testing the waters for Western-style retirement and senior care communities in the Chinese market. Even Robert Tanenbaum, […]
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