Newmark Knight Frank has appointed Rob Black and Sean McNee as senior managing directors. Black and McNee bring 21 years and 17 years, respectively, of senior housing and care industry experience. NKF’s San Diego office will serve as the headquarters for the firm’s national practice.
“There is no better time for NKF to build upon its burgeoning health care practice. With the graying of America this niche has become, along with technology, a growth area in real estate. Rob and Sean have built strong reputations in this area and their expertise is a solid addition to the work of Todd Perman and Garth Hogan, who specialize in hospital and medical office buildings,” said NKF President James Kuhn in prepared remarks.
Black joins from Cushman & Wakefield, where he focused mainly on assisted living and memory care community sales. Black was also involved in the disposition of independent living communities, CCRCs and skilled nursing facilities.
With more than $2 billion in senior housing transactions under his belt, McNee has experience on both the dispositions and the operations sides of the industry. McNee has been a leader of dedicated senior housing brokerage teams at Eastdil Secured, Grubb & Ellis and most recently at Cushman & Wakefield. McNee holds a Bachelor of Business Administration in real estate and finance.
Senior housing golden age
“We are quickly approaching a golden age for senior housing. The vast population of baby boomers are entering into retirement and that volume has made senior housing investment a lucrative opportunity now and for the future. This concentration of capital and unprecedented demand has resulted in communities that offer better accommodations and care than ever before. Additionally, management companies are leveraging technology to help with their efficiencies. This combination is helping improve the quality of and extend the lives of seniors today. The net result is a highly competitive, lucrative product type that is based on resident needs as they age,” said McNee in a prepared statement.
Other companies have taken note of the growth potential of this market, with Welltower snagging a $1 billion senior housing portfolio, making it the largest owner of senior housing in California.
Image via LinkedIn