Ventas has sold a few portfolios of its Atria Senior Living-operated properties, with the deals closing just before the end of the year. Totaling 23 properties, these were mostly Class B, older vintage communities with some room for operational improvement, but perhaps Ventas also wants to diversify its tenant base a bit, especially after Atria’s massive growth in 2021. The portfolios total around 2,600 units. JLL Capital Markets’ Mike Garbers and Ted Flagg handled the divestments, while Joel Mendes handled the acquisition financing for the buyer.
Starting in the Northeast, news trickled out in December that the REIT had sold six properties to Peregrine Senior Living and an affiliate of Sculptor Real Estate. There are four properties in upstate New York, one in West Hartford, Connecticut and one in Salisbury, Maryland. They offer assisted living and memory care, with building ages varied from 1909 (a former hotel converted to AL in 1997) to 1998. Operational performance was not disclosed, but there is significant room for improvement on the occupancy front. JLL’s Joel Mendes arranged an acquisition loan from Synovus Bank to fund the purchase.
Next, Ventas sold a portfolio of 10 communities in the Southeast. Five communities in Florida, four in Kentucky and one in Alabama feature assisted living and memory care. They were built in the late-1990s and in need of capex. Occupancy was supposedly in the high-70s at the time of closing. Sculptor was again the buyer, with Vitality Senior Living (the in-house management arm of Winterpast Capital Partners) also participating in the deal while taking over operations. JLL’s Joel Mendes is also in the process of arranging acquisition financing for this deal.
Finally, we heard of another portfolio of California properties being sold by Ventas/Atria to a regional owner/operator, but no details have been disclosed so far.
