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Brookdale, HCP complete $847M Chartwell portfolio acquisition

July 2, 2015
by Megan Combs, Associate Editor
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Brookdale Senior Living and HCP, Inc. have closed an $847 million acquisition that represents a portfolio of 5,025 units in 35 private-pay senior housing facilities. The properties were bought from Chartwell Retirement Residences.

Brookdale is a leading provider of senior living communities throughout the nation. HCP is an REIT that invests mostly in real estate serving the healthcare industry. This deal, originally made in March 2015, was expected to close in the third quarter of this year. HCP will own 90 percent and Brookdale will own 10 percent of the communities, which Brookdale has operated since 2011 after acquiring Horizon Bay, according to a MarketWatch release.

“This transaction is consistent with Brookdale’s strategy of acquiring managed communities when possible given the company’s elevated understanding of the operations, minimal transition costs and time, the ability to leverage in-place overhead, and the opportunity to exchange a vulnerable third-party management arrangement with a stable RIDEA joint venture structure,” Andy Smith, Brookdale’s CEO, said in a statement in March.

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