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Bridge buys $230m senior housing portfolio

Salt Lake City-based Bridge Investment Group Partners has acquired 14 senior housing properties in six states on behalf of its latest vehicle.

Bridge Investment Group Partners, on behalf of its ROC Seniors Housing & Medical Properties Fund, has acquired 14 senior housing properties in six states for approximately $230 million.

The assets include independent living, assisted living and memory care facilities. The communities average nine years in age and have a focus on the private-pay rental model. . The properties are financed by multiple lending sources, including Freddie Mac through a recently arranged line of credit, according to a statement from the firm.

“We are thrilled with the partnerships created with several of the best-in-class operator managers in the industry through these acquisitions,” said chief investment officer of ROC Seniors Phil Anderson in a statement. “We expect our communities to flourish through enhanced residence amenities, service and care delivered by exceptional staff at each property. Each asset is strategically located in excellent markets that have favorable demand trends for sustainable future growth.”

Salt Lake City-based Bridge launched ROC Seniors in November 2013, targeting a $450 million equity haul for the vehicle. Through the fund, the firm is targeting value add acquisitions and new development in senior housing properties across the US.

The firm’s previous fund, Real Estate Opportunity Capital Fund II, was closed in October 2013 on $595.5 million in equity, surpassing its hard cap of $500 million. The fund was the second in a series of offerings focused on opportunities in US value-added multifamily and commercial office properties.