November 4, 2025 – 60 Seconds with Ben Swett: October Smashes M&A Record
October shattered M&A records with 110+ deals — a 43% jump over the previous monthly high of 77. Nearly 100 buyers participated, led by Welltower, whose $4B in U.S. acquisitions may be even higher once full details emerge. Strong liquidity, improving operations, and limited new development are fueling this record-setting seniors housing deal surge to year-end.
Transcript
We were predicting a record-breaking end to the year in terms of M&A activity, but we are not sure we expected a 100+ deal month, with 110 transactions and counting. Just to put that in perspective, the previous record for any month was 77 deals in October of last year, and only four months had previously broken the 70-deal barrier. So this October beat the previous record by 43%, and it’s still just a preliminary total. That is out of this world.
There were nearly 100 separate buyers, according to the individual deal data available in LevinPro LTC, the most prolific being, unsurprisingly, Welltower. But Welltower’s activity is actually understated in the figures, as a significant chunk of its $4 billion of U.S. seniors housing acquisitions lacked the individual details necessary to be considered separate transactions in the our deal database. We believe more of those deals will be revealed in the coming weeks.
Increased liquidity and improved operations help, but there are also many buyers that want to grow their seniors housing assets via M&A, since they largely cannot in the development world. Now begins the race to the end of the year, and another annual record set.
Previewing Our Capital Markets Conversation
With capital markets improving, questions arise about how lenders, buyers, and sellers are adapting in senior care. Our Oct. 23 Investor Call, sponsored by Newpoint Real Estate Capital, will explore refinancing terms, deal opportunities, and 2026 growth strategies. Don’t miss it!
Will Q4 Set Records?
Q4 is set to be record-breaking for seniors housing M&A, with optimism high among buyers and brokers. 2025 already surpasses past deal volumes, hitting 70 deals in September alone, with annualized totals tracking 750–840, far above 2024’s 716 record. Spending is also on pace to exceed last year’s highs.
The Future of Seniors Housing
Five years after COVID’s onset, seniors housing feels both unchanged and transformed. Optimism mirrors 2013–2017 with rising values, eager investors, and competitive lenders, but new development lags. With 2030’s boomer wave looming, big questions remain—what will they want, afford, and choose to pay for?
