BOSTON-Benchmark Senior Living is forming an $890 million partnership with Health Care REIT, Inc. The adjoining entities will add 34 Benchmark senior housing communities across six states to Health Care REIT's portfolio. This brings 3,009 units and gives the REIT 95% partnership interest, leaving Benchmark with 5%. Benchmark's management team, including founder, CEO and chairman Thomas Grape and COO Stephanie Handelson, will remain as the manager and operator of the communities.

The day-to-day operations will not be affected as Benchmark provides multiple services from independent living, traditional assisted living, specialized services for memory impaired and respite state programs. Benchmark offers these to provide residents an ability to "age in place" moving from one program to the next as necessary in a progression.

"The partnership will continue to enhance Health Care REIT's growth potential in an important market with a best-in-class operator," says George L. Chapman, chairman, CEO and president of Health Care REIT, in a statement. They are looking at solid returns from the investment and he notes, "The Benchmark management team has produced exceptional net operating income growth despite a challenging economic climate."