{"id":1004032061,"date":"2011-09-02T06:48:25","date_gmt":"2011-09-02T14:48:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032061"},"modified":"2022-12-04T15:00:51","modified_gmt":"2022-12-04T23:00:51","slug":"senior-housing-trust-to-spent-478-for-nine-senior-communities","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/senior-housing-trust-to-spent-478-for-nine-senior-communities\/","title":{"rendered":"Senior Housing Trust to Spend $478M for Nine Seniors Communities"},"content":{"rendered":"<p><strong>September 2, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/090211-Classic-Residence-VI.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004032062\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/senior-housing-trust-to-spent-478-for-nine-senior-communities\/090211-classic-residence-vi\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/090211-Classic-Residence-VI.jpg\" data-orig-size=\"489,326\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"090211 &#8211; Classic Residence VI\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/090211-Classic-Residence-VI.jpg?w=489\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/090211-Classic-Residence-VI.jpg\" alt=\"\" title=\"090211 - Classic Residence VI\" width=\"150\" height=\"150\" class=\"alignright size-thumbnail wp-image-1004032062\" \/><\/a><\/p>\n<p>The market for seniors\u2019 housing, like most other sectors, is seeing a strong march to recovery. Bolstering the trend are transactions such as Thursday\u2019s announcement by Senior Housing Properties Trust that it has agreed to purchase nine large senior-living communities for $478 million, including $164 of assumed mortgage debt. <\/p>\n<p>The purchase marks the second major change for the properties, which were originally known as Classic Residence by Hyatt before changing hands and being renamed as Classic Residence Vi. The communities, located in Florida, Maryland, Nevada, New Jersey, New York and Texas, include 2,226 living units across the portfolio.<\/p>\n<p>According to a report by Marcus &amp; Millichap, the market for seniors\u2019 housing is poised to see a modest recovery in 2011, with movement tempered by regulatory actions in the sector and by the looming upturn in the housing market. \u201cWith the pace of supply growth to remain muted, however, the sector will trend toward recovery, supporting across-the-board rent growth,\u201d the report notes. <\/p>\n<p>Since the nine-property portfolio skews heavily toward the independent-living senior market \u2013 1,708, or more than three-quarters, of the units are IL \u2013 the purchase will likely prove a good investment for the trust. Marcus &amp; Millichap predicts that, across the board, occupancy in independent-living units will increase to 88.1 percent by the end of the year. <\/p>\n<p>Calling the nine senior communities \u201cmarket leaders in the quality of service offered to residents,\u201d Senior Housing Properties Trust President David J. Hegarty said his firm will be funding the purchase with a combination of existing cash and its unsecured credit facility. <\/p>\n<p>The nine communities are currently 87 percent occupied. Following the closing, eight of these communities will be leased to a taxable REIT subsidiary of the trust and all nine communities will be managed by Five Star Quality Care, Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senior Housing Properties Trust has agreed to purchase nine large senior-living communities for $478 million, including $164 million of assumed mortgage debt, across six states. <\/p>\n","protected":false},"author":1201,"featured_media":1004032062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21754,21742,10,15],"tags":[],"class_list":["post-1004032061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-medical-office","category-latest","category-northeast","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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