Harrison Street Buys Senior Housing Portfolio
PGIM provided a $252 million loan for this deal.
Harrison Street has purchased a senior housing portfolio from Brightview Senior Living—its partner for more than 10 years—as part of their joint-venture agreement. The five properties, totaling 743 units, are located in Massachusetts, Maryland, New Jersey, Pennsylvania and Virginia.
The transaction marks a recapitalization of the five Brightview communities. PGIM Real Estate provided Harrison Street with a $252 million loan, according to public records. Brightview Senior Living will continue to be operate the properties.
This was the first post-pandemic deal between the two companies, Brightview President & CEO Doug Dollenberg Jr. said in prepared remarks.
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Back in 2019, Harrison Street acquired 11 Brightview-managed communities, adding a total of 1,322 units across Maryland, New Jersey and Massachusetts to their portfolio.
The current transaction brought the joint venture’s holdings to 26 properties totaling more than 3,600 units. This includes a property currently under construction in Fairfax, Va.
A closer look at the portfolio
The properties included in the portfolio are:
- Brightview Randolph, located at 175 Quaker Church Road in Randolph, N.J.
- Brightview Arlington, located at 1 Symmes Road in Arlington, Mass.
- Brightview Devon, located at 301 E. Conestoga Road in Wayne, Pa.
- Brightview Fair Oaks, located at 12725 Lee Highway in Fairfax, Va.
- Brightview Columbia, located at 6670 Martin Road in Columbia, Md.
All communities have an average occupancy rate of 94 percent and provide senior independent living, assisted living, and memory care services. They also feature high-quality amenities, finishes and technology.
