Bridge Investment Group Partners has rounded up $735 million of equity capital for ROC Seniors Housing Fund Manager, far surpassing its initial $450 million target for the fund. The vehicle is the Salt Lake City-based real estate investment manager's first offering dedicated to the niche strategies of US seniors housing and medical properties and its third fund overall.
As reported by PERE, Bridge first launched the fund in November 2013, just one month after holding a final close of $595.5 million on its second real estate fund, Bridge Real Estate Opportunity Capital Fund II. The firm held a first close of $41 million in January 2014 and followed up with additional closes of $224 million in September 2014 and $137 million this past January.
“The current market environment is favorable for investing capital into seniors housing and medical properties,” said Robb Chapin, chief executive officer of ROC Seniors Housing, and Philip M. Anderson, chief investment officer of ROC Seniors Housing, in a joint statement. “Primarily driven by the strong demographic trend of an aging population led by unprecedented growth in the 75 and older segment, which will only accelerate over the next 30 years, our experienced team and industry relationships generate attractive long-term investment opportunities as reflected in a continuing robust pipeline.”
ROC Seniors Housing focuses on value-add opportunities in senior housing and medical properties such as refurbishment and renovation, changing the resident make-up, adding services and amenities. In September, Bridge was reported to have acquired or committed to acquire 14 senior housing properties in six states for approximately $230 million.
Founded in 1991, Bridge launched its fund management business in 2009 as a real estate operator focused primarily on the multifamily sector. In January 2013, the firm began evaluating opportunities in the senior housing sector and hired the former senior housing team at Servant Capital Group, an Orlando-based real estate fund manager, over the summer. The team, which will continue to be based in Orlando, includes Phil Anderson, who will serve as chief investment officer of the new fund; Rick Steinberger, chief operating officer and managing director of asset management; and Robb Chapin, the fund's chief executive.
Bridge-IGP and its affiliates currently manage more than $3.5 billion of assets and employ over 1,000 people in 18 states. The firm oversees 34,000 multifamily and senior housing units, and 2.1 million square feet of commercial office property.