Welltower Announces Planned Acquisition Of $969M Affinity Active Adult Portfolio And Formation Of Long-Term Strategic Partnership
Portfolio Pulse from Benzinga Newsdesk
Welltower Inc. plans to acquire a $969M portfolio of 25 active adult communities from Affinity Living Communities, forming a long-term strategic partnership. The acquisition, funded by cash and $523M of below-market rate debt, expands Welltower's Wellness Housing portfolio to nearly 25,000 units. The communities, mainly in the Pacific Northwest, are expected to cater to a rapidly growing 55+ population. The deal, closing in tranches, will see Affinity continue managing the properties under a terminable contract.
February 13, 2024 | 9:49 pm
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Welltower Inc. is set to significantly expand its Wellness Housing portfolio through a $969M acquisition of 25 active adult communities from Affinity Living Communities, alongside forming a strategic partnership.
The acquisition and strategic partnership with Affinity Living Communities represent a significant expansion of Welltower's Wellness Housing portfolio, indicating a strong move into markets with high growth potential for the 55+ population. This strategic expansion, funded through cash and the assumption of below-market rate debt, is likely to be viewed positively by investors, given the projected growth in demand for wellness-focused rental housing for seniors. The partnership and continued management by Affinity suggest a smooth transition and sustained quality of management for the new properties.
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