Privately owned real estate and private equity firm Pacifica Companies has added more than 560 skilled nursing beds to its portfolio in the $180.5 million acquisition of a 15-community portfolio from Retirement Housing Foundation, which is pivoting away from post-acute care.
That’s according to an April 19 press release from Chicago-based specialty investment bank Ziegler, which advised on the transaction for the non-profit.
The purchased portfolio represents “the majority of RHF’s presence in market-rate senior housing and post-acute care,” and consists of 3,200 market-rate independent living, 850 assisted living and memory care and 563 skilled nursing beds, the release states.
“The sale of the communities was bittersweet,” Stuart Hartman, president and CEO of Retirement Housing Foundation, said in the release. “As a long time operator of housing and health care communities we will miss being of service to the residents in the communities we sold. At the same time, we are excited to focus on our affordable housing development, acquisitions and operations, catering to limited income seniors, persons with disabilities and families.”
The portfolio sale has been closing in phases throughout late 2022 and 2023, and into the first quarter of 2024.
The proceeds from the divestiture will be utilized to develop additional affordable housing and to acquire existing affordable housing owned by others, according to the release.
Pacifica had not responded to SHN’s request for comment as of press time.
The company operates communities under the Pacifica Senior Living and The Meridian brands. The San Diego-based Pacifica Senior Living was the 12th-largest U.S. senior living provider at the end of 2022, according to Argentum’s latest rankings.
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