The team at Cushman & Wakefield announced that they represented HCP, Inc. in the REIT’s sale of 17 Brookdale Senior Living-managed seniors housing communities for $264 million. Richard Swartz, Jay Wagner, James Dooley and Sam Dylag led the way on the transaction and are still working to close on the sale of two more properties, expected later this quarter for a purchase price of approximately $113 million. Private equity firm Apollo Global Management was the buyer, fulfilling both their geographic/product diversity and value-add strategies.
HCP is nearing the end of its Brookdale-restructuring process, having also transitioned operations away from Brookdale at 35 other communities and selling six properties back to Brookdale this year alone. The REIT is aiming for its Brookdale exposure to come to rest at 16% of its portfolio, down from a height of 34% after HCP spun out its HCR ManorCare facilities into Quality Care Properties in 2016.