Future projects for the JV will be revealed later this quarter. "We're looking at several different opportunities," he says. "In about 45 days we'll announce acquisition plans for the joint venture."

Galiotos says Blackstone, which has a 90% stake in the partnership, would be open to an expansion of the joint venture after the first round of deals. "If things go well at the end of the first year and we're happy with our joint venture partners and they're happy with us, I don't see why we wouldn't continue to pursue acquisitions with them.

According to Capital executive vice president and CFO Ralph A. Beattie, concurs that an expansion of the alliance is likely, but adds that the partnership will have its work cut out for it if it is to acquire $200 million in senior-living assets over a one-year period. "If we could purchase $200 million [worth of real estate] in 12 months, that would be fairly aggressive, so [the joint venture] is likely to extend anyway." Beattie adds that the $200 million figure is "just a working number" and that "we could always increase the size of the joint venture if both parties agree to do so."

Capital currently owns and/or operated 49 communities in 20 states with a total capacity of roughly 8,000 residents. In the communities managed by Capital, 84% of residents live independently and 16% are in assisted-living situations.

The Blackstone Group is a private investment bank with offices in New York and London. Blackstone's Real Estate Group has raised four funds representing approximately $3.6 billion in total equity. The group has made more than 100 separate investments in hotels, offices and other commercial properties with a total transaction value of about $12 billion.