CHICAGO — Investment management firm Harrison Street Asset Management has sold a portfolio of seniors housing communities located in the state of New York for more than $600 million.
The buyer was not disclosed, but multiple media outlets report the buyer was senior living giant Ventas Inc. (NYSE: VTR).
The portfolio comprises five communities. Harrison Street developed the properties in partnership with B2K Development between 2016 and 2022. Amenities at the communities include swimming pools, theaters, fitness centers, libraries and lifestyle programming.
The names and addresses of the five communities were not released, but Long Island Business News reports the properties are located in the Long Island cities of Mt. Sinai, West Babylon, Holtsville, Bethpage and Jericho, N.Y.
“This transaction exemplifies Harrison Street’s ability to produce value by targeting strategic developments, creating portfolios at scale that deliver operational excellence and executing strategic sales at opportune moments in time,” says Ben Mohns, head of asset management, North America at Harrison Street.
Chicago-based Harrison Street ranked as the fourth-largest owner of seniors housing properties in the newly released, 2025 edition of the ASHA 50. Since its inception, Harrison Street has invested roughly $14.6 billion in seniors housing assets.
In December 2024, Harrison Street sold a 1,186-unit senior living portfolio to Morgan Stanley Real Estate Investing (MSREI), the private real estate investment arm of Morgan Stanley.
Headquartered in Jericho, B2K Development is a fully integrated real estate company with a portfolio comprising commercial, senior living, healthcare and residential properties.
Ventas is a seniors housing REIT based in Chicago that ranked as the No. 2 owner in the ASHA 50. The company owns 73,570 units as of June 1, 2025.
— Hayden Spiess