IRVINE, CA—Brookdale Senior Living Inc. and HCP, Inc. have closed on their previously announced portfolio acquisition of 35 private pay senior housing communities representing 5,025 units for $847 million from Chartwell Retirement Residences.

Brookdale, based in Brentwood, TN, has operated the portfolio since 2011 after its acquisition of Horizon Bay, and it will continue to manage these communities under a RIDEA joint venture structure with HCP and Brookdale owning 90% and 10%, respectively. The portfolio was acquired unencumbered by third party debt and is projected to generate a first year cash yield of approximately 6.6%. Brookdale Senior Living Inc. is the leading operator of senior living communities throughout the United States. Currently, it operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with approximately 1,150 communities in 47 states and the ability to serve approximately 111,000 residents. Through its ancillary services program, the company also offers a range of outpatient therapy, home health, personalized living and hospice services. Irvine-based HCP, Inc. is a fully-integrated real estate investment trust (REIT) that invests primarily in real estate serving the healthcare industry in the United States. The company's portfolio of assets is diversified among five distinct sectors: senior housing, post-acute/skilled nursing, life science, medical office and hospital.