An affiliate of HCP Inc., a senior housing REIT based in Irvine, Calif., has acquired the Morningside House Mid-Atlantic Portfolio for $186.25 million. The purchase is a 526 unit assisted living and memory care portfolio that traded for approximately $354,425 per unit. Developed between 1993 and 2013, the Morningside House Mid-Atlantic Portfolio consists of seven properties located in the greater Baltimore, Maryland and Washington, D.C. areas. CBRE Capital Markets’ National Senior Housing team represented the portflio’s owners, a joint venture between Morningside House Senior Living and Harrison Street Real Estate Capital.
HCP has selected Chicago-based Senior Lifestyle Corp. to operate the assets. Senior Lifestyle is a family-owned seniors housing operator founded in 1985. The firm operates more than 170 independent living, memory care, assisted living, skilled nursing and short-term seniors properties in 27 states. “This transaction had multiple moving parts, including a new operator—Senior Lifestyle— partnering with a new REIT relationship, and a long HUD debt assumption approval process,“ said Lisa Widmier, Executive Vice President, CBRE National Senior Housing.
