Bridge Investment Group Buys Senior Housing Portfolio
- Mar 05, 2019
Bridge Investment Group has acquired an eight-property senior housing portfolio from a joint venture between Harrison Street Real Estate Capital and Dominion Partners LLC. The assets were held across four Harrison Street Opportunity funds.
The portfolio comprises 887 units across six communities located in Alabama, Florida, Georgia and Tennessee. The properties include Somerby Peachtree City I and II in Peachtree, Ga., Somerby Sandy Springs in Sandy Springs, Ga., Somerby Franklin in Franklin, Tenn., Somerby Santa Rosa in Santa Rosa Beach, Fla. and Somerby Auburn in Auburn, Ala., with a total occupancy rate of 92 percent.
“This transaction is reflective of Harrison Street’s proven strategy of leveraging our deep understanding of the seniors housing sector as well as the demographics of the regions in which we invest—down to the zip code—in order to identify attractive investment opportunities to create value for our investors and partners,” said Christopher Merrill, co-founder & CEO of Harrison Street Capital, in a prepared statement. “Harrison Street is committed to continuing to develop high-quality senior housing, including independent living, assisted living and memory care facilities, with significant value-add potential across the U.S. and in underserved markets.”
In addition to senior housing, Harrison Street is also very active in the student housing industry. Last summer, the firm paid $27 million for Century Hall, a 170-unit student residence hall at Arizona State University – Polytechnic Campus in Mesa, Ariz.
Image courtesy of Harrison Street Capital