After owning what is known as the Aston Gardens portfolio in Florida for just two and a half years, Kayne Anderson Real Estate Advisors has sold the six-property portfolio with 1,930 units to a joint venture between Welltower and Canada Pension Plan Investment Board (CPPIB) for $555 million. They will own a 97.5% interest, so grossed up to 100% equates to a per-unit value of $295,000. The manager, Discovery Senior Living, will retain a 2.5% interest, down from 10% with the previous owner. Kayne Anderson bought the portfolio in late 2013 for an estimated $400 million from GE Healthcare Finance. During GE’s ownership, occupancy had dropped from 95% to below 85%, which caused them to remove their operating partner and bring in Discovery Senior Living, which brought occupancy back up to 97% at the time of the 2013 sale to Kayne Anderson. The portfolio was 82% independent living and 18% assisted living, which we assume is close to what it is today. Welltower owns 55% of the JV and CPPIB 45%. According to Welltower, occupancy across the portfolio is approaching 100%, so time for some rate increases.