BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million.
The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space.
The acquisition marks Taurus’ first investment in the senior housing sector. The specific names and locations of the properties were not disclosed.
“Taurus is thrilled to have been able to capitalize on the opportunity to acquire an institutional-quality portfolio,” says Peter A. Merrigan, CEO of Taurus. “We believe that the demand for high-quality seniors housing will remain strong in the coming years with the upcoming demographic shift as the 75-plus population continues to accelerate.”
“This transaction brings Northbridge Companies back to our roots of partnering with high net worth families who have a long-term commitment to investing in institutional-grade seniors housing,” says James Coughlin, CEO of Northbridge. “Northbridge and Taurus intend to partner on future transactions and to continue to build a best-in-class portfolio in New England.”
Newmark Knight Frank represented Welltower in the transaction, and also arranged financing for the buyers.
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