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NEWPORT BEACH, CALIF. AND BOSTON — Clearwater Senior Living, a Newport Beach-based seniors housing developer, and Berkshire Group, a Boston-based multifamily investor, have formed a new joint venture that plans to develop and acquire $500 million in seniors housing communities in the Western United States.
The JV plans to bring in third-party institutional investors to help fund the pipeline.
The joint venture will own, operate and develop a mix of independent living, assisted living and memory care communities.
As of June 30, Berkshire Group had approximately $7.2 billion in real estate assets under management, largely in the multifamily sector.