New Senior to Sell 14-State Memory Care Portfolio for $385M

New Senior Investment Group Inc. entered into a definitive agreement with ReNew REIT to sell its entire assisted living/memory care portfolio for $385 million. The portfolio consists of 28 properties, containing 2,840 units across 14 states, and is managed by six different operators.

A key priority for the New York City-based REIT has been addressing the underperformance of its assisted living/memory care portfolio. The proceeds from the sale, which is expected to close in Q2 2020, will enable New Senior to focus on its core business of low acuity, private-pay senior housing.

“The AL/MC portfolio sale announced today was the result of a thorough and extensive review process. This transaction goes a long way towards advancing several of our key strategic objectives,” said New Senior’s Susan Givens. “We are deeply appreciative of all of our AL/MC operating partners, and would like to thank them for their dedication and hard work throughout our ownership.”

Pictured: Sunshine Villa Assisted Living & Memory Care, Santa Cruz, CA

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