National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Blackstone JV Pays $1.1B for Senior Housing
Blackstone and Columbia Pacific Advisors acquired 64 senior living properties from HCP, in a transaction scheduled to close during Q1 2017. Blackstone dipped into its latest opportunistic fund, Blackstone Real Estate Partners VIII, to pay the $1.1 billion for the assets, which are currently leased to Brookdale Senior Living.
In a separate transaction, Brookdale Senior Living agreed to acquire a 15% interest in the portfolio from the new owners for $170 million, and will continue to manage the properties.
“These are folks that know this space very, very well and they’re shrewd investors and I think it shows a confidence over time in the senior housing space that they would be stepping up to this,” said Michael McKee, HCP’s chief executive.
For comments, questions or concerns, please contact Amy Sorter
- ◦Sale/Acquisition
- ◦Sale/Acquisition
