PGIM Real Estate Sells 11-Property Senior Portfolio
PGIM Real Estate sells an 11-property portfolio managed by Brightview Senior Living. The assets are spread out in the Northeast and Mid-Atlantic.
NEW YORK CITY – PGIM Real Estate, the real estate investment business under Prudential Financial Inc., has disposed of an 11-building senior housing portfolio with properties spread out across the Northeast and Mid-Atlantic. The sale price was not disclosed.
Brightview Senior Living manages the properties that were sold. PGIM Real Estate’s SHP IV closed-end fund executed the transaction of the properties meant to capitalize on investments in senior housing, factoring in market timing and demographic trends, according to Steve Blazejewski, senior portfolio manager for PGIM Real Estate’s SHP strategies.
“Through this transaction, we’ve capitalized on powerful demographic trends driving the senior housing industry nationally, combined with a favorable capital markets environment for core senior housing properties in high-barrier-to-entry locations,” he said in a prepared statement. “We’re pleased with the value that we were able to unlock in this portfolio to provide a compelling return for our investors.”
SHP IV closed in 2012 with approximately $569 million in commitments from institutional investors and is one of a series of funds. Its investments in senior housing do not follow one particular high-level investment thesis but are flexible and adaptable.
“As the senior housing sector continues to mature, we will continue to identify strategic acquisition and disposition opportunities—dependent upon market- and property-specific factors—to generate attractive returns for our clients,” Blazejewski said.