JV Buys Florida Senior Housing Portfoliofor $555M

The Aston Gardens portfolio encompasses private-pay, primarily independent living seniors housing properties totaling 1,930 units.

Aston Gardens Portfolio emailTampa, Fla.—A joint venture between Welltower Inc. and the Canada Pension Plan Investment Board (CPPIB) has acquired a 97.5 percent stake in a six-property seniors housing portfolio in Florida for $555 million. The properties are known collectively as Aston Gardens and are located in Tampa, Naples, Parkland, Sun City Center and Venice.

Welltower holds a 55 percent stake in the JV, while CPPIB owns the remaining 45 percent. Welltower, formerly known as Health Care REIT, specializes in assisted living facilities and other forms of housing and medical facilities. The CPPIB is a Canadian public corporation that invests the funds held by the Canada Pension Plan; currently it has about $282 billion CAD in assets.

The other 2.5 percent stake was purchased by Discovery Senior Living for nearly $15 million. Discovery develops and manages senior living community brands in the Southeast, Mid-Atlantic and Midwest, and provides Medicare-certified home healthcare services as well.

The Aston Gardens portfolio encompasses private-pay, primarily independent living seniors housing properties totaling 1,930 units. Common amenities include heated swimming pools, spas, fitness centers, beauty salons, resident clubhouses and activity centers, arts and crafts studios, putting greens, walking paths and concierge services.

Holliday Fenoglio Fowler LP oversaw the sale, marketing the properties on behalf of the seller, Kayne Anderson Real Estate Advisors. The HFF team was led by senior managing directors Ryan Maconachy and Chad Lavender.

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