BRENTWOOD, TENN. — Brentwood-based Brookdale Senior Living has acquired a three-property senior housing portfolio for approximately $102 million. The three retirement communities are located in suburban Detroit; Austin, Texas; and Pittsburgh. They contain a total of 642 units in a mix of 506 independent living units and 136 assisted living units. As of the third quarter of 2009, average occupancy was 92.1 percent. Their names and addresses could not be disclosed.
Brookdale previously owned a minority interest in the properties before purchasing them outright from the undisclosed seller, which was represented by David Rothschild, Matthew Whitlock and Mary Christian of CB Richard Ellis' (CBRE) Senior Housing Services Group. CBRE also arranged $75.4 million in first-mortgage financing to help fund the purchase.
Brookdale currently owns and operates 565 senior housing communities in 35 states. Its portfolio contains independent living, assisted living and dementia-care communities.
The buyer did not return a request for comment as of press time.
— Coleman Wood