Pacifica Wraps $181M Senior Housing Portfolio Buy
The properties were acquired from a California nonprofit.
The transit-oriented Manhattan Avenue Senior Apartments development was recently expanded. Image courtesy of the Office of the Governor of the State of New York
Real estate private equity firm Pacifica Companies has completed its $181 million acquisition of a 15-community portfolio of senior housing assets. Various segments of the portfolio closed in phases throughout late 2022, 2023 and early 2024. The buyer operates senior housing communities under two brands, Pacifica Senior Living and The Meridian.
The portfolio, spread across California, Florida, Missouri, Indiana, Kentucky and South Carolina, was acquired from Retirement Housing Foundation, a California-based not-for-profit organization.
A specialty investment bank, Ziegler, served as sell-side advisor to RHF. The portfolio was made up of 3,200 market-rate independent living units, 850 assisted living units, memory care and 563 skilled nursing beds.
Philosophical shift
The transaction divesting the portfolio followed RHF’s strategic decision to shift its organizational philosophy toward serving limited-income seniors, people with disabilities and economically disadvantaged families at the company’s 182 affordable housing properties, which are spread across 27 states, Washington, D.C., Puerto Rico and St. Croix.
The transaction will enable RHF to refocus energies on its core affordable housing business, which has made the company a well-respected leader nationally. The portfolio represented the majority of RHF’s ownership of market-rate senior housing and post-acute care. Proceeds of RHF’s sale will be used to develop more affordable housing and acquire existing affordable housing owned by other companies.
Earlier this month, a Greenburgh, N.Y. affordable senior living community was expanded with a $38 million revitalization project.
