Sector of realty market lists 3rd-quarter deals higher than combined total of previous 2 years
PHILADELPHIA -- Though the overall housing market has not escaped the doldrums, the senior citizen housing sector, driven by investment companies, has gone gangbusters since 2010.
In the third quarter of 2011 alone, 39 senior citizen housing deals worth $5.5 billion were completed, primarily by real estate investment trusts that specialize in housing for the elderly. That figure includes independent- and assisted-living communities, but not nursing homes.
The total value of senior citizen housing deals in the quarter ended Sept. 30 was greater than the combined total in the previous two full years, according to the National Investment Center for the Seniors Housing & Care Industry in Annapolis, Md.
Brandywine Senior Living in Mount Laurel, N.J., has participated in the consolidation frenzy. Brandywine, which had been owned by New York private-equity firm Warburg Pincus LLC since 2006, sold its 19 assisted-living facilities in five states in December to Health Care REIT of Toledo, Ohio, in a deal valued at $600 million.
The Brandywine firm, now primarily a management company owned by CEO Brenda G. Bacon and other executives, leased the facilities back and continues to operate them.
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