The senior living properties, which are mostly in California but also Nevada, are operated by Oakmont Senior Living. The portfolio totals 2,195 units that are mainly assisted living and memory care. The sellers are the Gallaher Cos. and Healthpeak Properties, which each own 12 properties in the portfolio.
The Healthpeak communities are on average 4 years old, with occupancies stabilized at 96% from 2016 to 2019, according to Harrison Street, adding that the Gallaher assets are recently built as well.
“The senior housing sector remained resilient throughout the pandemic and is poised for growth, Harrison Street Global Chief Investment Officer Michael Gordon said in a statement. Specifically, the assets we are acquiring are managed by a leading operator in Oakmont and located in attractive markets backed by solid demographics.
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Drexel University has decided not to move its medical labs to Montgomery County and will instead remain at the former Hahnemann University Hospital site on North Broad Street while a new research building is constructed on its University City campus. Drexel has signed a lease for at least six years for the entire 590,000-square-foot New College Building at 15th and Vine Streets, said Alan .
An Irvine, California, real estate investment trust acquired two medical buildings on a Burnsville medical campus for $35 million this week.
Healthpeak Properties Inc. purchased Fairview’s Ridgeview Medical Building at 303 E. Nicollet Blvd. for $21 million and Gillette Children’s Specialty Healthcare Burnsville Clinic at 305 E. Nicollet Blvd. for $14 million, according to an electronic certificate of real estate value made public this week.
The buildings were never listed for sale. The buyer approached the seller, Harrison Street Real Estate Capital, to inquire if the Chicago-based investment management firm was interested in selling the properties, according to the eCRV.
Healthpeak didn’t respond to a request for comment by publication.