Brookdale To Acquire Private Pay Senior Housing Portfolio - Quick Facts

(RTTNews) - Brookdale Senior Living Inc. (BKD) and HCP, Inc. (HCP) announced they have entered into a definitive agreement to acquire from Chartwell Retirement Residences a portfolio of 35 private pay senior housing communities representing 5,025 units for $849 million. The portfolio, currently 89% occupied, is located in eight states with concentrations in Florida, Texas and Colorado.

The Portfolio will be acquired using a RIDEA joint venture structure with HCP and Brookdale owning 90% and 10%, respectively.

Brookdale has operated these communities since 2011 after its acquisition of Horizon Bay, and will continue to manage the communities post-closing under a long-term management agreement.