Welltower announced yesterday that it will acquire 80 independent living and six combination independent living/assisted living properties from Holiday Retirement.
The $1.58 billion transaction, which is valued at $152,000 per unit, is expected to close in the third quarter.
“The portfolio is expected to deliver substantial net operating income growth in future quarters and in coming years as occupancy growth accelerates from near-trough levels of 76.3% as of June 20, 2021,” according to a Welltower press release.
Welltower expects to realize “significant future cash flow growth” as the senior housing sector recovers from the pandemic economy “as occupancy growth accelerates from near-trough levels of 76.3% as of June 20, 2021.”
Holiday’s day-to-day operations should remain unchanged. Atria Senior Living will assume operations of the properties without disruption of Holiday’s corporate staff or senior management.
“We are excited to partner with Atria and Welltower as this transaction is squarely in line with Holiday’s long-term strategy,” Holiday Retirement CEO Lilly Donohue stated in the press release. “We believe the significant investment into Holiday’s platform, technology infrastructure and importantly, our communities, will enhance our collective ability to deliver quality services to the dynamic needs of our customers and to create a bright future for our employees.”
