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Emeritus JVs with Blackstone in $190M Purchase

SEATTLE, WA-The locally based operator of assisted living facilities agrees to acquire with Blackstone Real Estate Partners a portfolio of 25 senior-care centers containing 1,990 units.

By Brian K. Miller | Updated on October 13, 2006

SEATTLE, WA-Emeritus Corp., a Seattle based public company that operates senior care centers is partnering with Blackstone Real Estate Group to acquire 25 assisted living and Alzheimer’s/dementia care communities and one skilled nursing facility for $190 million. The portfolio contains 1,990 housing units.

Emeritus put up $7 million for a 19% stake in the investment and a management contract that will pay the company 5% of the revenue. The deal also gives Emeritus certain rights to purchase the properties and performance incentives.

Emeritus currently operates 182 communities representing capacity for approximately 18,400 residents in 35 states. Financing for the Blackstone JV is being provided by GE Healthcare Financial.

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