{"id":1004033785,"date":"2011-11-01T09:42:26","date_gmt":"2011-11-01T17:42:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004033785"},"modified":"2022-12-08T19:41:17","modified_gmt":"2022-12-09T03:41:17","slug":"harrison-grabs-8-seniors-properties-for-125m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/harrison-grabs-8-seniors-properties-for-125m\/","title":{"rendered":"Harrison Grabs 8 Seniors Properties for $125M"},"content":{"rendered":"

November 1, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n

\"\"<\/a>

Carriage Inn in Katy, Tex.<\/p><\/div><\/p>\n

Seniors housing continues to be a hot topic of discussion and area of investment. Last week, Commercial Property Executive found that multiple reports out of the sector show that things are going very well<\/a><\/em>: NIC MAP found that occupancy has been on the rise for 10 straight quarters, and Senior Housing Investment Advisors Inc. has seen the velocity of transactions for seniors facilities increase in the last few months.<\/p>\n

On the same note, Harrison Real Estate Capital, on behalf of Harrison Street Real Estate Partners III L.P., has just completed an off-market transaction for an eight-property seniors-housing portfolio for approximately $125 million. Seven of the properties are located in Houston; the remaining facility is near Oklahoma City. Bridgewood Property Co. will be in charge of property management, as well as redevelopment of the facilities. The portfolio was purchased from affiliates of E-Quest Management.<\/p>\n

\u201cWe have sourced a portfolio of established, well-located Class-A assets that already benefit from a great reputation, Michael Gordon, senior vice president at Harrison Street, said. \u201cWe are excited to expand the scope of services that will be provided to our seniors, and generally enhance the assets, creating optimal living and working environments for staff and residents.\u201d<\/p>\n

The entire portfolio consists of more than 1,000 units and the facilities have been open for an average of 12 years. The properties include Village on the Park in Houston; Friendswood, Tex.; Oklahoma City; and Conroe, Tex., as well as Carriage Inn in Bryan, Tex.; Lake Jackson, Tex.; Huntsville, Tex.; and Katy, Tex.<\/p>\n

The assets are currently encumbered by debt that is being assumed by the each asset.GE Healthcare is the lender on five of the properties, and FNMA\/Greystone is the lender on the remaining three properties.\u00a0 The venture has restructured the terms of the financing, and all parties are advocating the repositioning of the communities.<\/p>\n

According to NIC MAP, annual absorption for seniors properties nationwide was 1.9 percent in the third quarter of 2011, compared to 1.8 percent in the second quarter — marking the fourth consecutive quarter where absorption is greater than inventory growth, which will apply upward pressure on occupancy rates.<\/p>\n","protected":false},"excerpt":{"rendered":"

Harrison Real Estate Capital, on behalf of Harrison Street Real Estate Partners III L.P., has just completed an off-market transaction for an eight-property seniors-housing portfolio for approximately $125 million. <\/p>\n","protected":false},"author":1201,"featured_media":1004033790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21754,13,21742],"tags":[],"class_list":["post-1004033785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-medical-office","category-midwest","category-latest"],"acf":[],"yoast_head":"\nHarrison Grabs 8 Seniors Properties for $125M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/harrison-grabs-8-seniors-properties-for-125m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Harrison Grabs 8 Seniors Properties for $125M\" \/>\n<meta property=\"og:description\" content=\"Harrison Real Estate Capital, on behalf of Harrison Street Real Estate Partners III L.P., has just completed an off-market transaction for an eight-property seniors-housing portfolio for approximately $125 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/harrison-grabs-8-seniors-properties-for-125m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-01T17:42:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:41:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/110111-Katy-Retirement-Front-View.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"428\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harrison-grabs-8-seniors-properties-for-125m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harrison-grabs-8-seniors-properties-for-125m\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Harrison Grabs 8 Seniors Properties for $125M\",\"datePublished\":\"2011-11-01T17:42:26+00:00\",\"dateModified\":\"2022-12-09T03:41:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harrison-grabs-8-seniors-properties-for-125m\\\/\"},\"wordCount\":375,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harrison-grabs-8-seniors-properties-for-125m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/11\\\/110111-Katy-Retirement-Front-View.jpg\",\"articleSection\":[\"Featured\",\"Medical Office\",\"Midwest\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harrison-grabs-8-seniors-properties-for-125m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harrison-grabs-8-seniors-properties-for-125m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harrison-grabs-8-seniors-properties-for-125m\\\/\",\"name\":\"Harrison Grabs 8 Seniors Properties for $125M - 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