NorthStar Healthcare Income plans to add 15 contiuning care retirement communities (CCRCs) to its portfolio in a deal estimated at $640 million. The CCRCs, located in 11 states, will bring more than 3,600 units to NorthStar’s real estate investment trust (REIT), headquartered in Greenwood Village, Colo.
The properties, six of which are entry fee-based CCRCs, are being acquired from a subsidiary of Fountains Senior Living Holdings. The current operator, Watermark Retirement Communities, will continue to operate the communities under the new ownerships, according to the transaction.
The deal follows several other high-ticket acquisitions the NorthStar real estate family of companies has made in the past year, including a $1 billion acquisition of 43 senior housing facilities and 37 skilled nursing facilities announced last month.