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hicago-based investment firm Harrison Street has sold a three-property senior living portfolio to Inland Real Estate Group. The portfolio consists of Clarendale of St. Peters in Missouri, Clarendale of Chandler in Arizona, and Clarendale at Indian Lake in Tennessee, which offer independent living, assisted living, and memory care services.
The properties collectively have 635 units and are currently 92% leased. Harrison Street developed the communities in a joint venture with Ryan Companies and Life Care Services. The sale highlights investor interest in senior living assets, particularly given low new construction levels.
Harrison Street has approximately $56 billion in assets under management and is committed to developing high-quality senior housing communities that address evolving population needs. The company has invested over $14.1 billion in senior housing since its inception in 2005 and ranks fourth on the American Seniors Housing Association's ASHA 50 list.
Harrison Street recently acquired five Brightview properties, which Brightview continues to manage, and raised $2.5 billion for its ninth US opportunistic fund, giving it over $7 billion in buying power to construct a diversified portfolio of best ideas.
