Arcapita acquires 3 senior living communities for $110 million

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Global investment management firm Arcapita has acquired a privately held portfolio of three U.S. senior living communities for $110 million, the company announced Tuesday.

The communities are located in the metropolitan areas surrounding Washington, D.C., and Atlanta. The properties will be managed by an affiliate of the Arbor Co., which is based in Atlanta.

The transaction, which follows Arcapita's acquisition of three Colorado senior living communities earlier this year for approximately $87 million, means the company's U.S. senior living portfolio is worth approximately $200 million, Arcapita said. The company, based in Bahrain with offices in Atlanta, London and Singapore, also has senior living properties in the United Kingdom.

Arcapita's U.S. portfolio now consists of six independent living, assisted living and memory care communities offering a total of 506 units in the metropolitan areas surrounding Washington, D.C., Atlanta, Denver and Colorado Springs, CO.

“We see a lot of potential in the senior living sector,” Arcapita CEO Atif A. Abdulmalik said.

“The supply of senior housing remains limited in certain submarkets and the senior housing industry as a whole has outperformed multifamily, office and retail real estate subsectors to date,” added Martin Tan, Arcapita's chief investment officer.

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