Northwest Care, Heitman Eye Seniors Housing in $125M Venture
- Jan 20, 2011
Northwest Care Management is looking to expand its seniors housing portfolio through a joint venture with Chicago-based investment management firm Heitman L.L.C. The partnership grants Northwest Care access to $125 million to acquire, reposition and renovate seniors housing communities in Washington, Oregon and California. The company, which specializes in developing and managing independent retirement, assisted living and memory care communities, currently owns and operates 10 properties throughout the Pacific Northwest.
Two years in the making, the joint venture will give Northwest Care the financial resources to expand in 2011 and beyond. The company is looking for stabilized and upscale properties with at least 85 percent occupancy, said CEO Tom Johnston. Northwest Care has the entire West Coast on its radar, with the possibility of expanding as far east as Denver. Portland, Sacramento, San Francisco, Los Angeles and San Diego are all potential markets for future acquisitions.
Northwest Care and Heitman have forged their partnership as demand for high-quality seniors housing is rising rapidly. An estimated 22.4 million people in the U.S. will be at least 75 years of age by 2015, yet the stock of investment-grade senior housing numbers fewer than 1.5 million units nationally