Ventas acquired five Class-A, high-performing seniors housing communities in Texas and Louisiana with upside potential. Built between 2015 and 2019, the communities comprise approximately 90 units each, with a total of 67 independent living, 201 assisted living and 179 memory care units in the Houston and Dallas, Texas, markets and the Lafayette and New Orleans, Louisiana, markets. JLL Capital Markets handled the transaction, representing the seller, a joint venture between Iron Point and Avanti Senior Living. The portfolio, which is entirely private-pay, was operated by Avanti.
The purchase price was $147.7 million, or $330,000 per unit. Ventas expects Year 1 metrics to include a cash NOI yield of 7%, occupancy of 91%, an NOI margin of 32%, and a RevPOR of roughly $6,700 a month. The communities will be managed by a regional operator.
