By Jeffrey Steele
Boston–Clearwater Senior Living and Berkshire Group have announced a joint venture partnership. The new platform will develop and acquire senior housing properties in a variety of U.S. West Coast markets. Initial equity commitment of the partnership is expected to generate more than $500 million in gross asset value. As the company grows, it anticipates additional investments. Joint venture opportunities with third-party institutional investors will be sought by the platform.
The objectives of the partnership are to own, operate and develop a full range of senior housing communities. This assortment is expected to include independent living, assisted living and memory care facilities.
“The venture with Berkshire represents a long-term strategic alliance for Clearwater Senior Living to continue our team’s passion to own, develop and operate innovative senior housing communities,” said Tony Ferrero, CEO of CSL, in prepared remarks. “Berkshire exemplifies the same principles, values and drive for excellence that we share at CSL. It is through this shared foundation that we strive to create distinctive environments that enhance the lives of our associates, our residents and their families.”
Ferrero’s optimistic perspective was echoed by Jason Grossman, managing director of Berkshire Group Venture Investments, a real estate investment management company primarily known for its multifamily investment and operational experience. “Berkshire is excited to take this next step and partner with Clearwater Senior Living to expand our investment footprint in senior housing.
“The new venture with CSL will allow us to complement our existing East Coast senior housing platform with development opportunities in primary and secondary California markets as well as other West Coast markets.”
Image courtesy of Clearwater Senior Living