Brookfield Asset Management has made a massive bet on senior living facilities.
The investment firm was the buyer behind the previously reported sale of Sunrise Senior Living’s 32-unit portfolio by real estate investment trust Healthpeak Properties, a Brookfield representative confirmed to The Real Deal on Tuesday.
The reported price tag was $664 million.
The 3,235-unit portfolio spans the nation, including the 189-bed Sunrise at Sheepshead Bay, at 2211 Emmons Avenue in Brooklyn, for which Brookfield paid about $36 million, according to property records. The acquisition also included the 142-bed Sunrise at Mill Basin, also in Brooklyn, for $31 million.
Crain’s first reported the Sunrise at Sheepshead Bay deal on Tuesday.
In February, Healthpeak Properties announced the $2.5 billion sale of its senior housing operating portfolio and triple-net senior housing assets, according to Senior Housing News.
At the time, The Registry, a Seattle-area real estate news outlet, reported that Brookfield had purchased two Sunrise communities in the region for $28 million, but the firm was not confirmed as the buyer of the entire Sunrise portfolio, by far the largest piece of the divestment.
While Healthpeak had a second thought about the senior living sector, Brookfield sees it differently — particularly in the long run. The pandemic ravaged those facilities as the coronavirus spread, but the sector has since been recovering.
In addition, long-term demographic trends — such as an aging population — continue to support the sector’s future prospects, the firm wrote in an October note to investors.