The seniors housing and care market has largely been missing out on large portfolio deals in 2023, because few sellers want to take a substantive portfolio to market when buyers are constrained by the capital markets on the prices they can afford to pay. However, the team at Newmark including Ryan Maconachy, Chad Lavender, Sarah Anderson, Mills Poynor, Ben McElroy and Brittany Robinson successfully sold a portfolio of 12 seniors housing communities for approximately $500 million, or $277,000 per unit.
Located in seven states (Virginia, Massachusetts, Missouri, North Carolina, New Jersey, South Carolina and Texas), the portfolio consists of 1,809 total units, with independent living, assisted living and memory care services. We imagine the parties involved were large, institutional entities, but the companies were not disclosed.
We also heard that the Newmark team closed another sale of a seniors housing community for what could be a record per-unit price for the year, so far. However, no other details were disclosed. Could the market be shifting, somewhat?
