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GPT Heads $268M Buy of Benchmark Assets

PHILADELPHIA-On behalf of Kuwait Finance House, Grosvenor sells a 15-property Benchmark Assisted Living portfolio to Australia's GPT.

By Marita Thomas | Updated on November 27, 2007

(Read more on the multifamily market.)

PHILADELPHIA-Acting on behalf of its client, the Kuwait Finance House, locally based Grosvenor Investment Management US Inc. has sold a 15-proprety portfolio to a joint venture between Australia’s GPT Group and Benchmark Assisted Living LLC. The price tag is $268 million, which translates to just north of $228,279 a unit.

Benchmark will continue to operate and manage the facilities. “GPT has the majority interest,” Dick Layman, GIM’s senior managing director, tells GlobeSt.com, without disclosing the proportions of the JV. The facilities encompass independent, assisted and Alzheimer assisted housing and have an aggregate of 1,174 units located in the six New England states of Connecticut, Rhode Island, Massachusetts, Vermont, Maine and New Hampshire.

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