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Ventas Acquires Battery Park Community from Brookdale for $194M
Ventas Inc. has agreed to acquire Brookdale Senior Living’s 217-unit independent living community in Lower Manhattan’s Battery Park City neighborhood. The $194-million acquisition at a 5% cap rate represents only the second Manhattan property for Chicago-based Ventas, although it operates several throughout the New York metro area as well as upstate New York.
“The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” said Ventas CEO Debra A. Cafaro. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio, and is uniquely positioned to benefit from New York City’s strong demographics.” It’s also valued below replacement cost, according to Ventas.
Headquartered in Nashville, Brookdale will continue managing the Battery Park community after the sale closes. The property, which Brookdale opened in 2000, is a significant component of the company’s previously-announced plan to market and sell 28 owned communities.
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- ◦Sale/Acquisition
