Health Care REIT has purchased a group of assisted living facilities in Massachusetts, New Hampshire, and Connecticut for $360 million.
The company, which owns senior housing complex across the country, purchased nine Benchmark Senior Living complexes containing 691 residences. The seller was Intercontinental Real Estate Corp. of Boston.
The sale marks the largest single transaction in Intercontinental’s history. The firm purchased the Benchmark portfolio in July 2005 for about $152 million, and spent more than $20 million on renovations.
“We are more than pleased with this sale, a record setter for assisted living,” said Intercontinental chief executive Peter Palandjian. “This exit represents an awesome financial outcome for the many public pension and union retirement funds invested with Intercontinental. Benchmark has been a tremendous partner. We appreciate that these nine senior living facilities will remain under stable ownership.”
The Benchmark communities involved in the deal are located in Billerica, Chelmsford, Haverhill, Leominster, Plymouth, Shrewsbury, Waltham, Ridgefield, Conn., and Nashua, N.H.Casey Ross can be reached at firstname.lastname@example.org.