Harrison Street Asset Management on Wednesday announced the sale of five Class-A seniors housing communities throughout central Long Island and New York, in a transaction valued at more than $600 million. Although Harrison Street did not identify the buyer, Bloomberg News reported it as healthcare REIT Ventas Inc.
The portfolio comprises five properties developed in partnership with Jericho, NY-based B2K Development between 2016 and 2022. B2K will continue to manage the properties, according to Bloomberg.
The deal is consistent with Harrison Street’s track record of executing 80% of asset sales in the form of strategically aggregated portfolios, while more than 80% of its acquisitions or developments are individual properties in markets with high barriers to entry…