Harrison Street, B2K Divest Five NY Seniors Properties for $600M+
(Updated with additional information)
Harrison Street Asset Management on Wednesday announced the sale of five Class-A seniors housing communities throughout central Long Island and New York, in a transaction valued at more than $600 million. Although Harrison Street did not identify the buyer, Bloomberg News reported it as healthcare REIT Ventas Inc.
The portfolio comprises five properties developed in partnership with Jericho, NY-based B2K Development between 2016 and 2022. B2K will continue to manage the properties, according to Bloomberg. A Newmark team led by Adam Doneger, Chad Lavender and Ryan Maconachy advised the sellers.
The deal is consistent with Harrison Street’s track record of executing 80% of asset sales in the form of strategically aggregated portfolios, while more than 80% of its acquisitions or developments are individual properties in markets with high barriers to entry.
“As an early mover in the sector, we have helped shape the evolution of high-quality senior living communities, and this portfolio sale underscores growing investor demand for demographically driven, resilient alternative real estate sectors such as senior housing,” said Ben Mohns, head of asset management – North America at Harrison Street.
Pictured: A representative B2K seniors housing property..
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