The portfolio consists of 622 independent living, assisted living and memory care units located in Medford, Ore., Eugene, Ore., Butte, Montana and Billings, Mont. As of December 2021, the properties had an average occupancy rate of 93%.
Harrison Street and The Springs Living have a deep, long-standing relationship, first partnering in 2011. Since that time, the firms have acquired 14 properties, representing over 2,000 senior living units.
The seller has a history of its work with senior housing projects. Since inception, the firm Harrison Street has invested more than $12 billion in senior living communities including more than 38,000 independent living, assisted living and memory care units. Overall, Harrison Street reportedly has more than $44 billion in assets under management.
Ben Mohns, Senior Managing Director and Head of North American Asset Management at Harrison Street, said, “This transaction is emblematic of Harrison Street’s longstanding core strategy of acquiring or developing individual assets, executing on defined business plans, and exiting via strategic portfolio sales.