Rockwood and Doyenne Form Senior Housing JV

The companies will invest $100 million in equity to build communities in select U.S. markets.

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Rockwood Capital and Doyenne Healthcare Capital will be spending $100 million in equity to support senior housing communities across the U.S. The two companies didn’t disclose the financial details of its joint venture, but the focus will be “investments in senior housing communities with strong operating partners,” according to Doyenne Healthcare Capital.

The joint venture has yet to announce any senior housing projects, but it will focus on Rockwood’s target markets that include those “with highly educated workforces” and in “major cities and emerging urban and suburban nodes,” according to Rockwood. The firm recently acquired a 126-unit community in Vista, Calif., from StreetLights Residential, but its portfolio also includes communities in Oregon, Colorado, Seattle, Denver, and more.

David Becker, co-managing partner at Rockwood, said in prepared remarks that there are significant demographic tailwinds that support the senior housing sector. The current environment for the senior housing sector offers a favorable investment because of the operational disruption that was caused by the pandemic, along with the current capital markets dislocation, Becker also said in his prepared remarks.

First partnership for Doyenne

For Doyenne Healthcare Capital, the joint venture with Rockwood is its first strategic partnership. However, the firm’s co-founders Manisha Bathija and Kristen Ahrens have more than 45 years of combined experience in senior housing and healthcare real estate investments. The pair have completed transactions totaling more than $60 billion before starting Doyenne Healthcare Capital.

Prior to creating the firm in 2022, Bathija worked on many aspects of Ventas Inc.’s senior housing portfolio. Now Bathija serves as Doyenne Healthcare Capital’s CIO and is in charge of the firm’s acquisition and disposition efforts. As for Ahrens, she was previously working at Capitol Seniors Housing, a senior housing private equity firm based in Washington, D.C. For Doyenne Healthcare Capital, Ahrens acts as COO and is tasked with the firm’s portfolio and asset management activities.

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