New Senior Investment Group bought 28 private pay, independent living properties from Holiday Retirement for $640 million last week. It closed the deal Tuesday. New Senior is a real estate investment trust focused on investing in senior housing properties across the nation.
Holiday Retirement is a senior housing provider based in Strongsville, Ohio. It operates 300 properties nationwide. The purchase includes 3,298 units across 21 states and the properties will continue to be operarated by Holiday under new property management agreements, according to a news release.
"This acquisition further increases our industry-leading private pay senior housing exposure to 92 percent of our (net operating income)," New Senior Chief Executive Officer Susan Givens said in the release. "As the largest operator of independent living properties in the United States, Holiday has a strong track record of outstanding performance for our existing portfolio, and we are excited to grow our relationship with them."