Harrison Street Real Estate Capital has purchased a portfolio of eight senior housing properties in Texas and Oklahoma, in partnership with Houston-based developer Bridgewood Property Company, for $125 million.
According to an announcement from the Chicago-based firm, Harrison Street completed the off-market acquisition of seven senior housing assets in and around Houston, Texas and one in Oklahoma City, Oklahoma, on behalf of its Harrison Street Real Estate Partners III fund. The investment takes the $595 million fund, which was launched in June 2010, to more than 50 percent invested, reflecting roughly $1 billion in gross real estate assets.Â
Bridgewood is to manage the portfolio and oversee the redevelopment of the properties, which have a total of roughly 1,000 units. The partners intend to renovate and expand upon all of the assets so that their services can facilitate independent living, assisted living and memory care.
The assets were acquired from affiliates of developer E-Quest Management – itself to be purchased by Bridgewood. E-Quest is expected to continue to provide management services to the assets.Â
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This acquisition marks the third transaction made by the Christopher Merrill-led Harrison Street and Bridgewood in partnership. In the third quarter 2011, they acquired The Village at The Woodlands Waterway, a 207-unit community situated along the waterway in The Woodlands, Texas. Additionally, they are developing The Village of Meyerland, a 120-unit community located in the Meyerland submarket of Houston, which is expected to be delivered during the third quarter of 2012.
The partners are actively seeking more development and acquisition opportunities throughout the region besides.
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