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Bridge Investment Group Acquires SE US Somerby Senior Living Services
Wednesday 09 January 2019

9 January 2019 - New York, US-based Bridge Seniors Housing Fund Manager LLC has acquired Alabama, US-based seniors housing operator Somerby Senior Living Services and a nine-property portfolio of seniors housing assets, the company said.

Terms of the transaction were not disclosed.

The purchase of Somerby will allow Bridge to offer a more vertically integrated property management model within the seniors housing space. As of the end of 2018, Bridge owned 90 properties across two private equity funds managed by Bridge Seniors Housing Fund Manager.

The nine seniors housing properties acquired represent a collection of modern, Class-A communities, located in prime Southeastern markets. The portfolio features a mix of independent living, assisted living, and memory care units, providing residents the luxury of aging in place.

Bridge said it will vertically integrate Bridge Seniors Housing Fund Manager through the acquisition.

Bridge Seniors Housing Fund Manager LLC invests in seniors housing and medical property assets across its family of funds, including seeking and investing in joint ventures and separately managed accounts. Bridge Seniors has USD 3.5bn of assets under management as of Q3 2018, offering facilities that provide accommodations and extensive services to residents in seniors housing communities.

Bridge Seniors Housing Fund Manager LLC is an affiliate of Bridge Investment Group. Bridge Investment Group is a real estate investment management firm with USD 13.5bn in assets under management. Bridge combines its 1,200-person, nationwide operating platform with specialised teams of investment professionals focussed on select US real estate verticals.

Somerby is a leading management company, particularly in the Southeastern United States. Somerby currently has 20 corporate-level employees and over 1,350 property-level employees.

The properties currently managed by Somerby are over 94% occupied.
Details
Date Published: 09/01/2019
Target: Somerby Senior Living Services
Country: USA
Sector: Construction/Real Estate
Type: LBO
Financing:
Status: Closed
Vendor:
Buyer: Bridge Seniors Housing Fund Manager
Comment:
Terms of the deal were not disclosed

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