SEATTLE—Columbia Pacific Advisors said Monday that it would acquire Hawthorn Retirement Group, an owner/operator of seniors housing with 55 communities in operation and another 24 under development. Deal terms were not disclosed; Columbia Pacific recently partnered with Blackstone on a 64-property portfolio leased to Brookdale Senior Living in a $1.125-billion acquisition.
“We are buying what we believe to be one of the best senior living companies ahead of a huge and quickly approaching demographic trend of an aging US population,” says Columbia Pacific's Alex Washburn, managing partner and co-founder. “The Hawthorn platform consists of high quality properties and a substantial pipeline of opportunity with the right operator to meet head-on the trends and challenges of the senior living industry.”
Columbia Pacific's other co-founder, Dan Baty, is known as a pioneer in the senior living industry. He and Bill Colson, the father of two of Hawthorn's principal owners, were the primary owners of Holiday Retirement prior to its sale to Fortress Investment Group in 2007. At the time of the sale to Fortress, Holiday was the largest owner and operator of independent living senior housing in the US.
Hawthorn CEO Pat Kennedy will stay on post-acquisition as a senior executive. The deal, which is expected to close later this summer, also includes Vancouver, WA-based Hawthorn's management and construction businesses.
Funds managed by Columbia Pacific have developed or acquired ownership interests in more than 300 senior living communities comprising more than 25,000 units. The firm is active across other real estate sectors as well, with a portfolio including more than 1,300 apartment units and more than 1.2 million square feet of commercial space throughout the US.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
