Almanac Realty Investors and Priority Life Care JV acquires 479-unit Pennsylvania senior housing portfolio

A joint venture of Almanac Realty Investors and Priority Life Care has acquired the Pennsylvania Portfolio, seven assisted living and memory care communities totaling 479 units across Pennsylvania, according to IREI. The report does not include a price or loan amount.

JLL's national senior housing team represented longtime owner ValStone Partners in the sale and arranged a five-year acquisition loan through a regional lender on the buyer's behalf, according to IREI. IntegraCare, a regional senior living operator across Pennsylvania, Maryland and Virginia, previously operated the communities.

The communities have an average vintage of 1999 and have taken more than $8.8 million in capital improvements since 2020, or roughly $18,000 per unit. The portfolio is 100 percent private-pay and market-rate, spanning what the report describes as diverse Pennsylvania markets, and IREI reports it was operating at strong margins and occupancy at the time of sale. Amenities include restaurant-style dining, fitness centers, a theater, a salon and a library.

In August, we reported PPM America lending $236 million on Almanac's industrial purchase with SparrowHawk, structured at roughly 59% loan-to-value. Without a price for the Pennsylvania Portfolio, no basis or cap rate can be derived from the reported figures.