Alternative asset management firm and consistent seniors housing investor Harbert Management Corporation (HMC) has acquired South Bay Partners, LLC, a Dallas-based seniors housing developer. South Bay has developed over 10,000 high-end seniors housing units costing over $1 billion across the United States. The company will complement HMC’s existing seniors housing investment platform, while allowing HMC to make development investment opportunities. HMC plans to raise capital for South Bay’s development projects through separately managed accounts and commingled funds. In addition, South Bay Founder and CEO Craig Spaulding will move to an advisory role following the transaction, while previous President Patrick McGonigle will move to CEO of the company.
Harbert Management Corp. Acquires South Bay Partners
