Harrison Street pays $520m for senior housing portfolio

Harrison Street Real Estate Capital has acquired an 11-property portfolio of senior housing properties located on the East Coast for $520 million.

The transaction marks the beginning of a newly formed joint venture with The Shelter Group, which will continue to operate the properties through its Brightview Senior Living entity. Brightview, a Baltimore-based operator and developer of senior housing, developed nine of these communities and currently operates them under its Brightview brand.

The assets are located in and around Baltimore; Boston; Newport, R.I.; Philadelphia; and Staunton, Va. The 11 assets collectively comprise a total of 1,600 units, 50 percent of which are independent living, with the balance dedicated to assisted living and memory care residents.

Harrison Street acquired the portfolio on behalf of Har