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HFF Closes $569 Million Sale of Six Florida Senior Housing Properties

Wednesday, March 16, 2016

Aston Gardens PortfolioHFF recently closed the sale of a six-property senior housing portfolio in Florida known collectively as Aston Gardens.

HFF exclusively marketed the offering on behalf of the seller, Kayne Anderson Real Estate Advisors. A joint venture between Welltower, Inc. and Canada Pension Plan Investment Board (CPPIB) purchased a 97.5 percent stake in the portfolio in an off-market transaction for $555 million. Welltower, Inc. holds a 55 percent stake in the joint venture while CPPIB owns the remaining 45 percent. The other 2.5 percent stake was purchased by Discovery Senior Living for nearly $15 million.


Senior Housing Property Features

The Aston Gardens portfolio, which comprises senior housing properties across the state of Florida, features:

  • Six, private-pay, primarily independent-living multi-housing properties for seniors
  • Total of 1,930 units across six properties
  • Class A+, lifestyle-oriented assets
  • Amenities including heated swimming pools, spas, fitness centers, beauty salons, resident clubhouses and activity centers, arts and crafts studios, putting greens, walking paths and concierge services

The HFF team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender.

About Kayne Anderson Real Estate Advisors

Kayne Anderson Real Estate Advisors (KAREA) is a leading real estate private equity investor in off-campus student housing, seniors housing and medical office buildings. KAREA has raised four dedicated real estate private equity funds totaling more than $2.6 billion in commitments. KAREA is part of Kayne Anderson Capital Advisors, L.P., a $20 billion alternative investment management firm (AUM as of 12/31/15) with 30 years of successful experience in the energy, infrastructure, growth capital, real estate, middle market credit and distressed municipal sectors. For more information, visit www.kaynecapital.com/strategies/real-estate-private-equity.


About Discovery Senior Living

Founded by Thomas J. Harrison and Richard J. Hutchinson, Discovery Senior Living consists of a family of companies specializing in and improving senior living services for America’s aging population. With experience and a reputation that spans 25 years, as well as a world-class team of experts at the helm, Discovery Senior Living develops and manages an array of senior living community brands across the Southeast, Mid Atlantic and Midwest regions, and provides Medicare-certified home healthcare services as well. The family of companies includes: Discovery Management Group, Discovery Marketing Group, Discovery Development Group, Discovery Realty Group and Discovery At Home, a Medicare-certified home healthcare company. Discovery Senior Living also owns and operates a large portfolio of senior living communities in Florida, Georgia, Texas, Indiana, Pennsylvania and Alabama. For more information, please visit discoveryseniorliving.com.





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