Harrison Street, a Chicago-based investment firm, announced on Monday its acquisition of five senior living communities managed by Brightview Senior Living. This latest move strengthens Harrison Street’s long-standing partnership with Brightview, which will continue to operate the acquired properties.
According to Harrison Street, the acquisition highlights the firm’s dedication to meeting the growing demand for high-quality senior housing in key Northeastern markets, particularly in areas with high barriers to entry. The firm emphasized that the properties are strategically located in affluent micro-markets that are well-insulated from potential new competition.
Founded in 1999, Brightview Senior Living currently owns and operates 45 communities across eight states, including Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, and Virginia. The five newly acquired properties offer a range of services, including independent living, assisted living, and memory care.
Brightview President and CEO Doug Dollenberg Jr. expressed enthusiasm for the transaction, stating, “As market conditions shift toward an environment more favorable for recapitalization deals, we’re thrilled to complete our first post-pandemic transaction with Harrison Street, a trusted long-term partner.”
Since its inception in 2005, Harrison Street has invested more than $14.1 billion in the senior housing sector. The firm ranks among the top five owners of senior housing in the United States. The partnership between Harrison Street and Brightview spans more than a decade, and with the latest acquisition, their joint portfolio will now encompass 26 properties. This includes a development currently under construction in Fairfax, VA.
The five properties currently maintain an average occupancy rate of 94%, according to Harrison Street.