New Senior Strikes Deal to Sell Portfolio for $385M

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NEW YORK—New Senior Investment Group has struck a deal to sell its entire assisted living and memory care portfolio for $385 million. The company expects the deal to close in the first quarter of 2020, subject to customary closing conditions. The AL/MC portfolio includes 28 properties across 14 states and consists of 2,840 units. The portfolio is currently managed by six different operators and occupancy as of the third quarter of 2019 was 78%.

A key priority for New Senior was to address the underperformance of its AL/MC portfolio. The company has pursued various strategies to improve performance, including asset sales and transitions to new operators. Despite these efforts, the AL/MC portfolio continued to experience sustained challenges, the company said.

The sale is expected to improve New Senior’s overall portfolio quality and capital structure, and will enable it to focus on its core business of low acuity, private pay senior housing.

Following the transaction, New Senior’s portfolio will consist of 102 independent living properties and one continuing care retirement community. New Senior will continue to invest in senior housing assets and partner with operators to grow its core business.

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