Blackstone Group bolsters senior housing portfolio

Private equity firm Blackstone Group helped to bolster the senior living market in the first quarter.  

Preliminary data for seniors housing and care Q1 2017 transactions volume showed a significant uptick from the prior quarter, according to a blog Thursday by the National Investment Center for Seniors Housing & Care (NIC).

 “This year’s first quarter had one of the strongest starts of the last five years,” Bill Kauffman wrote.

Blackstone acquired 60 Brookdale properties from real estate investment trust (REIT) HCP for $1.1 billion, with more than 5,500 units and a price per unit of more than $200,000.

Blackstone also acquired 25 Senior Lifestyle properties from REIT Welltower for $747 million, with more than 3,600 units and a price per unit of more than $200,000.

It’s been a bullish year for Blackstone, who earlier this year, was floated as a possible buyer for Brookdale Senior Living.

Related: Is Brookdale for sale?

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Topics: Finance