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ALPHARETTA, GA. — Formation Capital has acquired 36 seniors housing communities in 13 states for an aggregate purchase price of $400 million. The portfolio contains more than 2,600 units, including about 65 percent assisted living, 18 percent independent living and 16 percent memory care facilities.
Senior Lifestyles Corp., Frontier Management, Prestige Senior Living and other senior living operators will manage the communities.
“This transaction demonstrates Formation Capital’s continued focus on expanding its real estate footprint in private pay seniors housing,” says Brian Beckwith, CEO of Formation Capital. “We believe this portfolio presented a rare opportunity to acquire high-quality real estate managed by best-in-class operating partners. We are excited to begin new strategic relationships with Senior Lifestyles Corp. and Prestige Senior Living, and continue our strong relationship with Frontier Management.”
Alpharetta-based Formation Capital is a private investment management firm focused on equity and debt healthcare investment opportunities. Since 1999, the company has invested more than $5.5 billion of capital in seniors housing and care, post-acute services and healthcare real estate.
— Brittany Biddy