American Healthcare REIT Inc. has acquired a portfolio of eight senior housing communities for approximately $696 million, the company said on Tuesday.
The transaction, completed in phases over three weeks and finalized in early August, includes 867 units located in Massachusetts, Connecticut, New Jersey, Pennsylvania, Delaware, and Georgia. The properties were developed between 2020 and 2022 and were marketed as a single ten-community portfolio, with American Healthcare REIT acquiring all ten assets. Two of the communities were subsequently assigned to another institutional investor at the REIT's allocated basis.
One of the acquired properties, The Holbrook of Sugar Hill in Georgia, will continue to be operated by Holbrook Life. LCB Senior Living, based in Norwood, Massachusetts, developed five of the eight communities and currently manages seven of them. The transaction also establishes a new operating relationship between American Healthcare REIT and LCB Senior Living.
Newmark Group served as the real estate advisor for the deal. American Healthcare REIT, which trades on the NYSE under the ticker AHR and is headquartered in Irvine, California, disclosed the acquisitions as part of $1.4 billion in closings reported in its second-quarter earnings release. Since then, the company has completed more than $600 million in additional investments, bringing its year-to-date total to over $2 billion.
The REIT's awarded investment pipeline stands at approximately $675 million, with expected closings funded through match-funded equity proceeds from unsettled forward agreements.
Jeff Hanson, Chairman and Chief Executive Officer of American Healthcare REIT, said the transactions reflect disciplined capital allocation and strong execution, noting that a solution encompassing all ten communities was required to clear the market.
