First investment for Senior Housing Partners V
Company Website:
http://www.prudential.com
MADISON, N.J. -- (Business Wire)
Prudential Real Estate Investors acquired three assisted living and
memory care communities in Tennessee and Connecticut on behalf of Senior
Housing Partners (SHP) V for $110 million, the company announced today.
The acquisition is the first investment for the newly launched fund.
PREI is the real estate investment and advisory business of Prudential
Financial, Inc. (NYSE:PRU).
Additional terms of the transaction were not disclosed.
The three Class A communities, which comprise 341,000 square feet across
391 units of recently constructed purpose-built communities for senior
housing, include:
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The Hearth at Hendersonville located in Hendersonville, Tenn.,
northeast of Nashville, which opened in April 2012 and has 130 units;
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The Hearth at Franklin located in Franklin, Tenn., southwest of
Nashville, which opened in October 2014 and has 126 units; and
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The Hearth at Glastonbury located in Glastonbury, Conn., southeast of
Hartford, which opened in September 2014 and has 135 units.
“We are pleased to add the Hearth Portfolio, a high-quality senior
housing portfolio with strong income potential, as the first investment
for our SHP V portfolio,” said Noah Levy, head of PREI’s Senior Housing
business. “We look forward to partnering with Hearth Management, who are
proven senior housing operators, to deliver attractive risk-adjusted
returns for SHP V investors.”
Hearth Management, which previously owned the property through a joint
venture partnership, has been retained as the property manager.
On May 5, PREI
announced it had raised $629 million in capital commitments for SHP
V, the fifth in a series of dedicated, closed-end funds designed to
capitalize on investment opportunities in the growing senior housing
industry. The capital raised from U.S. public and corporate pension plan
investors exceeded PREI’s $500 million target.
Prudential Real Estate Investors is the global real estate investment
business of Prudential Financial, Inc. (NYSE: PRU). Investing in real
estate on behalf of institutional clients since 1970, PREI today has
more than 650 employees located in 19 cities around the world, and gross
assets under management of $58.7 billion ($44.1 billion net) as of
December 31, 2014. PREI offers to its global client base a broad range
of real estate investment vehicles across the risk-return spectrum and
geographies, including core, core plus, value-add, opportunistic, debt,
securities, and specialized investment strategies. For more information,
visit www.prei.com.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with
more than $1 trillion of assets under management as of March 31, 2015,
has operations in the United States, Asia, Europe, and Latin America.
Prudential’s diverse and talented employees are committed to helping
individual and institutional customers grow and protect their wealth
through a variety of products and services, including life insurance,
annuities, retirement-related services, mutual funds and investment
management. In the U.S., Prudential’s iconic Rock symbol has stood for
strength, stability, expertise and innovation for more than a century.
For more information, please visit www.news.prudential.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150527006364/en/
Contacts:
Prudential Financial, Inc.
John Chartier, 973-802-9829
john.chartier@prudential.com
Source: Prudential Financial, Inc.
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