Seniors Housing Portfolio with Footprint in 13 States Is Acquired by Formation Capital

ALPHARETTA, Ga., July 3, 2013 /PRNewswire/ -- Formation Capital has acquired 36 seniors housing communities for approximately $400 million.  With a footprint in 13 states, the portfolio comprises over 2,600 units representing a diversified care mix of 65% assisted living, 18% independent living and 16% memory care.  Formation closed this transaction with its investment partner SAFANAD, a global principal investment house with locations in New York, Geneva, London and Dubai.

The communities will be managed by Senior Lifestyles Corporation, Frontier Management, Prestige Senior Living and other high quality senior living operators.

"This transaction demonstrates Formation Capital's continued focus on expanding its real estate footprint in private pay seniors housing," said Brian Beckwith, Formation Capital's Chief Executive Officer.  "We believe this portfolio presented a rare opportunity to acquire high-quality real estate managed by best-in-class operating partners.  We are excited to begin new strategic relationships with Senior Lifestyles Corporation and Prestige Senior Living and continue our strong relationship with Frontier Management."

About Formation Capital

Formation Capital is a leading private investment management firm focused on equity and debt healthcare investment opportunities. Since 1999, Formation Capital has invested over $5.5 billion of capital in seniors housing and care, post-acute services and health care real estate. For more information regarding Formation Capital, visit www.formationcapital.com.

About Frontier Management

Frontier Management operates and manages quality seniors housing communities throughout the United States with expertise in Retirement, Assisted Living, and Memory Care. Currently, Frontier manages more than 41 communities in 8 states, stretching from the Pacific Northwest to the Southeast. For more information, go to www.frontiermgmt.com.

About Senior Lifestyles Corporation

Senior Lifestyle, founded in 1985, is a privately-held owner, operator and developer of seniors housing communities.  With a portfolio of more than 115 communities, located throughout 22 states, Senior Lifestyle offers independent living, assisted living, memory care and skilled nursing for the luxury, moderate and affordable segments. Senior Lifestyle has been routinely recognized as a leader in the delivery of innovative resident programs and hospitality services for all levels of care.   Senior Lifestyle is well positioned for future growth due to the exceptional talent at all levels of the organization.  These dedicated professionals are driven by the Senior Lifestyle Core Values and Mission of enriching our seniors' lives today and tomorrow.  To learn more please visit us at www.seniorlifestyle.com.   

About Prestige Senior Living

Prestige Senior Living is a family of independent living, assisted living and memory care communities operated through a philosophy of caring that promotes happiness, health and longevity to empower residents to achieve the level of purposeful living that they desire. Prestige's award-winning senior lifestyle services are based on a core value system of respect, integrity, commitment and trust, which serves as the bedrock of the more than 30 Prestige Senior Living communities across the Western United States. For more information visit www.prestigecare.com.

Press Contact:  Kelly Sheehy, 770-754-9660, Email

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SOURCE Formation Capital