August 5, 2010
This has been a big week in seniors housing. At long last, Blackstone Real Estate Advisors closed late today on its acquisition of the Sunwest Management portfolio. Of the 149 properties that were in the contract, 144 remained at closing. Of those, 132 actually transferred today and the remaining 12 will close later. Emeritus Senior Living, which has partnered with Blackstone, has had plenty of time to gear up to take over management, and we hear that all is quiet on the western front and that they have been all over the properties for a while anyway. In addition, the employees at the facility level are glad to have a financially strong owner at the helm, and a manager that is not in turmoil and that will focus on growth and improvements.
In the other big news,
