Harrison Street JV Parts With NY Senior Housing Portfolio, Takes Home $600M
The assets are primarily located on Long Island.
Harrison Street Asset Management and partner B2K Development have sold a five-property Class A senior housing portfolio on New York’s Long Island for more than $600 million. The buyer is reportedly health-care REIT Ventas Inc.
While Bloomberg and Long Island Business News reported that the sale included six properties, Harrison Street stated Wednesday the transaction involved five assets developed in partnership with B2K between 2016 and 2022. Harrison Street noted it has had a 12-year partnership with B2K, a Jericho, N.Y.,-based real estate development firm specializing in development, construction and project management.
Long Island Business News identified the five properties as under the partners’ Bristal brand of assisted living communities, primarily located in Long Island. These were the 120-unit Bristal Assisted Living in Mount Sinai, the 168-unit Bristal in West Babylon, the 140-unit Bristal in Holtsville, the 152-unit Bristal in Bethpage and the 180-unit Bristal in Jericho. Bloomberg reported B2K will continue to manage the properties, and that Newmark Group Inc. advised the sellers.
The Newmark team led by Adam Doneger, Chad Lavender and Ryan Maconachy.
Harrison Street, a Chicago-based global investment management firm, declined to release locations of the properties or the number of units at the facilities. The firm stated each community features a variety of amenities such as swimming pools, cinemas, fitness centers, libraries and lifestyle programming focused on enhancing resident well-being. The properties have delivered strong operating performance and are supported by the long-term growth of aging populations in the markets.
The portfolio sale is consistent with Harrison Street’s track record of executing 80 percent of asset sales through strategically aggregated portfolios. The firm also noted that more than 80 percent of its acquisitions and developments are individual properties in markets with high barriers to entry.
Ben Mohns, Harrison Street’s head of asset management for North America, said in prepared remarks the firm produces value by targeting strategic developments, creating portfolios at scale that deliver operational excellence and executing strategic sales at opportune times. “With disposition volume projected to exceed $2.0 billion this year in our senior housing portfolio, we remain active sellers in today’s market, generating meaningful liquidity and delivering strong results to our investors,” Mohns told Multi-Housing News.
Mohns added the sale underscores growing investor demand for demographically driven, resilient alternative real estate sectors like senior housing.
READ ALSO: 2025 Senior Housing Market Update
Harrison Street is one of the top five largest owners and the largest private owner of senior housing in the U.S. Since its inception, the firm has invested approximately $14.6 billion in about 43,000 units of senior housing assets. During that period, Harrison Street sold 160 senior housing properties for a gross value of $5.6 billion. With 33,500 units absorbed in 2024, the firm noted national occupancy reached 87.7 percent at the beginning of 2025, surpassing pre-pandemic levels.
In December, Harrison Street sold an eight-property portfolio of senior housing assets to investment funds managed by Morgan Stanley Real Estate Investing, the private real estate investing arm of Morgan Stanley Investment Management. The properties totaled 1,186 beds and were located in the Baltimore, Philadelphia, Boston-Providence, R.I., and Danvers, Mass., areas. The portfolio was acquired by Harrison Street in a joint venture with Brightview Senior Living in July 2014. Brightview retained an ownership interest in the portfolio with MSREI and continued to manage the assets.
Growing demand, low supply
In November, Ventas acquired a 20-asset senior housing portfolio from Chicago Pacific Founders in a $725 million recapitalization transaction arranged by JLL. The properties were located in Alabama, Arizona, Texas, Tennessee, New York, Maine, Florida, Illinois, Kansas, Michigan, Ohio, Nevada, Oklahoma and South Carolina. More than two-thirds of the portfolio was comprised of independent living units with the rest assisted living or memory care units.
Ventas, which owned more than 850 senior housing properties at the end of June, had closed $1.1 billion of senior housing investments by July 30, when its second-quarter earnings results were released. Due to demand from a large and growing senior population and historically low new supply, Debra Cafaro, Ventas’ chairman and CEO, stated in the earnings report the REIT is increasing its investment volume expectations for 2025 to $2 billion, up from the earlier estimate of $1.5 billion.
