Welltower Inc., a real estate investment trust (REIT) headquartered in Toledo, has entered into an agreement to purchase a portfolio of 25 purpose-built active adult communities from Affinity Living Communities for $969 million. The transaction also includes a long-term strategic partnership between Welltower and Affinity, who is known for developing and operating age-targeted housing.
As part of the deal, Welltower will assume $523 million in debt from the seller at an interest rate of 3.8 percent with an average maturity period of nine years. The majority of the portfolio’s nearly 3,900 units are located in high-growth markets such as the Pacific Northwest and feature over 30,000 square feet of amenity space – well above industry standards.
This acquisition aligns with Welltower’s strategy to expand its Wellness Housing portfolio into markets with projected growth rates for adults aged 55+ that are more than two-and-a-half times higher than the national average over the next five years. According to Shankh Mitra, CEO at Welltower: “Our Wellness Housing properties cater to seniors’ increasing demand for rental options focused on wellness.”
For those interested in learning more about this transaction or registering for Connect Industrial Midwest taking place on March 5th at Joe’s Live in Rosemont Illinois – click here .
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