PARSIPPANY, NJ-Prudential Real Estate Investors has closed on its fourth senior housing fund, the largest ever for the firm, bringing in a total of $568 million in discretionary capital from institutional investors.
“There is a growing need for senior housing in the United States and the demand for high-quality properties that offer a variety of services and accommodations is on the rise,” says Noah Levy, managing director with PREI and the portfolio manager for the fund. “We expect this demand will continue to increase and we look forward to providing an attractive return for our investors over the long term,” he added.
The firm opened its first fund, Senior Housing Partners I, in 1998 and has been managing funds on behalf of investors ever since, following up with Senior Housing Partners II, III, and now IV.
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