Brookdale Senior Living Completes Acquisition of Seven Communities
NASHVILLE, Tenn., Oct. 2, 2013 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) announced today that it had completed the previously announced acquisition of seven communities with a total of 613 units from Chartwell Retirement Residences for an aggregate purchase price of $80.9 million, plus customary transaction expenses. Brookdale has been managing six of the communities since the acquisition of Horizon Bay in September 2011.
The seven communities, primarily assisted living and memory care units, will be added to the Company's Assisted Living segment. These communities are located in Alabama (1), Arizona (2), Georgia (2), Louisiana (1) and Oklahoma (1). The Company financed the transaction with $60.8 million of first mortgage financing (substantially through the assumption of existing debt), with the balance of the purchase price paid from cash on hand.
About Brookdale Senior Living
Brookdale Senior Living Inc. is a leading owner and operator of senior living communities throughout the United States. The Company is committed to providing senior living solutions within properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. Currently Brookdale operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 652 communities in 36 states and the ability to serve approximately 67,000 residents. Through its Innovative Senior Care program, the Company also offers a range of outpatient therapy, home health, personalized living and hospice services.
SOURCE Brookdale Senior Living Inc.