Bahrain-based Arcapita, an alternative investments firm with a track record of 80 transactions exceeding a total of $30 billion in value, has acquired a portfolio of senior living properties in Chicago, Illinois.
The deal brings the firm’s total assets under management in the sector to $350 million and comes as Arcapita, which has been operating in the US since 1998, strengthens its market presence by moving to a new office in Atlanta and bolstering its US team.
The Chicago portfolio comprises two premium continuing care retirement communities with approximately 1,100 units and is operated by Senior Care Development and Life Care Services.
It is Arcapita’s third senior living acquisition over the last 30 months, taking it to a total of eight transactions in the sector worth $1.8 billion.
Arcapita said it has previously acquired six senior living communities with over 500 units in Washington DC, Atlanta, Denver and Colorado Springs.
Atif A Abdulmalik, Arcapita’s CEO, said: “We have a strong track record in the sector, having previously managed and successfully exited five senior living portfolios, comprising over 70 properties in the US and UK, which delivered double-digit IRRs to our investors.
“The senior living sector is poised to experience outsized growth and is expected to continue to outperform the broader real estate market in the US.”
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