Harrison Street is expanding its presence north of the border, announcing a joint venture with Revera Inc. to acquire four high-quality senior living communities in southern Ontario. Comprising three communities around Toronto and one in Cambridge, the portfolio consists of 537 total units of senior apartments, independent living, assisted living and memory care. Revera will continue to operate the communities going forward. As part of the transaction, the JV will share ownership of the portfolio, but no ownership share or purchase price was disclosed.
The deal marks the third investment by Harrison Street’s recently launched Canada Alternative Real Estate Fund, which has the initial capacity to invest over $550 million to pursue investments in senior living, student housing, medical office, life sciences, storage and digital assets throughout Canada. This also follows Harrison Street’s $1.2 billion acquisition of 24 properties operated by Oakmont Senior Living. There are still about seven weeks left in the year, so the firm could still add to its transaction tally.
