Formation Capital and itspartner, SAFANAD, acquired 36 seniors housing communities in 13 states for approximately $400 million. The portfolio includes 2,600 units, comprised of a mix of 65 percent assisted living facilities, 18 percent independent living facilities and 16 percent memory care facilities.
Senior Lifestyles Corp., Frontier Management and Prestige Senior Living will be among the companies managing the units.
“This transaction demonstrates Formation Capital’s continued focus on expanding its real estate footprint in private pay,” said Formation Capital CEO Brian Beckwith in a statement. “We believe this portfolio presented a rare opportunity to acquire high-quality real estate managed by best-in-class operating partners. We are excited to begin new strategic relationships with Senior Lifestyles Corporation and Prestige Senior Living and continue our strong relationship with Frontier Management.”