Harrison Street Acquires Five Communities from Brightview Senior Living 

Harrison Street, an investment firm, has recently completed the acquisition of five senior living communities from Brightview Senior Living. This strategic move, announced on September 9th, includes a total of 743 units located in Massachusetts, Maryland, New Jersey, Pennsylvania, and Virginia. The partnership between Harrison Street and Brightview Senior Living aims to enhance the resident experience and uphold an associate-first culture. With this acquisition, the combined portfolio of the two companies now consists of 26 communities and over 3,600 units. The communities acquired are situated in affluent markets with high barriers to entry, boasting an impressive 94% occupancy rate on average. Brightview’s long-term strategy involves developing communities with private investment funds and banking partners’ loans, ultimately offering investors returns through recapitalization within 8-10 years. This transaction aligns with Brightview’s growth plans, as they intend to develop two to four new communities annually. Harrison Street’s Global Chief Investment Officer, Mike Gordon, expressed confidence in the partnership with Brightview, emphasizing the companies’ commitment to delivering high-quality assets in supply-constrained markets and meeting the increasing demand for premier senior housing. As part of their growth strategy, Brightview is also establishing a new fund to support the development of future communities and overcome development challenges. The terms of the acquisition were not disclosed, but both parties are optimistic about the positive outcomes of this post-pandemic deal.