Harrison Street has sold a portfolio of five senior housing communities to The Springs Living Group. Valued at $193.5 million, or $311,100 per unit, the portfolio consists of 622 independent living, assisted living and memory care units. Among the properties in the sale are The Springs at Greer Gardens in Eugene and The Springs at Veranda Park in Medford, Oregon, as well as properties in Butte and Billings, Montana. As of December 2021, the properties had an average occupancy rate of 93%. Since first partnering in 2011, the firms have acquired 14 properties together with over 2,000 senior living units.
The properties were held across several of Harrison Street’s United States Opportunity Funds and related co-investment vehicles. Since inception, the firm has invested more than $12 billion in senior living communities including more than 38,000 independent living, assisted living and memory care units. Overall, Harrison Street reportedly has more than $44 billion in assets under management.
CBRE National Senior Housing’s team including Aron Will, Austin Sacco and Matthew Kuronen arranged a non-recourse, floating-rate loan from a national bank to support the deal. There was also a five-year term and 18 months of interest only.
