TPG acquires US senior housing portfolio for $300m

A subsidiary of alternative investment firm TPG has assembled a 48-property senior housing portfolio, the firm said Thursday.

TPG's senior housing platform Enlivant bought the properties for about $300 million, sources with knowledge of the deal told PERE . The sellers of the 3,084 units were healthcare holding company Genesis Healthcare, which sold four West Virginia properties, and Brookdale Senior Living, which sold 44 properties in 12 states, according to data provider Real Capital Analytics.

The properties include Genesis' Regency Place (pictured), a 58-unit assisted living facility in Scott Depot, West Virginia. Amenities include an exercise facility and rehabilitation services, according to its website. The portfolio of properties TPG acquired from Brookdale comprises 1,874 assisted living units and 579 memory care units, according to RCA. One such property, Miller Farm Place in Dayton, Ohio, has an on-site salon and social and wellness programs. 

The portfolio comprises independent living, assisted living and memory care apartment units across 14 states, according to the announcement. Enlivant will oversee 230 senior living communities totaling 11,000 units in 27 states after the transactions close over the next several months.

“These transactions mark a period of significant business momentum for Enlivant as they continue to scale their national operating platform,” said Avi Banyasz, TPG's co-head of real estate, in a statement.

TPG acquired Enlivant, formerly known as Assisted Living Concepts, in 2013 for about $278 million, according to media reports. Capital for the purchase came from TPG Real Estate Partners II, the firm's second value-added vehicle that closed on over $2 billion in October. Investors in the fund included the New Jersey Division of Investment; the Texas Municipal Retirement System, and Michigan Department of Treasury and Michigan State Employees' Retirement System, according to PERE research.

Last week, TPG also said it inked its first partnership with Gramercy Property Trust, a New York-based real estate investment trust, to form Strategic Office Partners. The platform will buy up to $1 billion in US office properties over three years.

TPG Real Estate has about $7 billion in assets under management, according to the announcement.