Clearwater, Berkshire announce $500 million partnership
Newport Beach, CA-based Clearwater Senior Living and Boston-based real estate investment management company Berkshire Group will develop and acquire seniors housing communities in the western United States under a joint venture announced Monday.
The partners said their initial equity commitment is expected to generate more than $500 million in gross asset value, with the objective of seeking joint-venture opportunities with third-party institutional investors as the company grows.
“Berkshire is excited to take this next step and partner with Clearwater Senior Living to expand our investment footprint in senior housing,” said Jason Grossman, managing director of Berkshire Group Venture Investments. “The new venture with CSL will allow us to complement our existing East Coast senior housing platform with development opportunities in primary and secondary California markets as well as other West Coast markets.”
The joint venture will own, operate and develop a mix of independent living, assisted living and memory care communities.
“The venture with Berkshire represents a long-term strategic alliance for Clearwater Senior Living to continue our team's passion to own, develop and operate innovative senior housing communities,” said CSL CEO Tony Ferrero.