Chiron Real Estate has entered the senior living space with $425 million in purchase agreements to acquire three Washington, DC-area properties from affiliates of Silverstone Senior Living, the Bethesda, MD-based healthcare real estate investment trust announced Wednesday.
Greystone will act as a third-party manager to oversee day-to-day operations at the properties for the firm at one time known as Global Medical REIT.
“These acquisitions represent Chiron’s initial entry into seniors housing and advance our strategy of investing in high-quality communities in supply-constrained markets,” Chiron CEO Mark Decker Jr. said in a statement. “We believe this is an attractive time to enter the sector given the favorable long-term demand outlook and limited new supply. Each of our acquisition communities are newly constructed, and we believe they are well-positioned for long-term success, given their superior quality and location. We look forward to partnering with Silverstone and Greystone to drive resident experience and operational performance.”
Virginia, Maryland properties
The initial properties in the REIT’s senior housing operating portfolio, or SHOP, include two properties in Alexandria, VA, bought for an aggregate purchase price of $249 million, and one community in Bethesda, MD, bought for approximately $176 million…