Private equity behind top senior housing operators
March 17, 2025
Each year, the American Seniors Housing Association (ASHA) publishes a ranked list of the 50 largest owners and operators in the U.S. senior housing space.[1] In 2024, many of the largest operators were owned by private equity firms.
From the list, PESP identified eight senior living operators that are owned by private equity. At least three of the companies also maintain partnerships with real estate investment trusts (REITs).
Additionally, five of the private equity-owned operators are also on ASHA’s separate list of top 50 owners of senior housing. ASHA’s list of top 50 senior housing owners is not detailed here. However, companies that are both listed in the top owner and top operator categories are noted in the relevant sections below. The difference between the two categories is that the operators do not necessarily own the real estate of the senior living communities they operate, whereas the owners do. Senior living communities sometimes, but not always, have their real estate separated from operations, with a different operator than an owner.
The eight private equity-owned senior housing operators accounted for a total combined 968 properties and 152,392 senior living units in 2024.
According to Seniors Housing Business, asset managers such as private equity firms are investing in senior housing because it compares favorably to other commercial real estate asset classes. Recent data shows the 10-year annualized total return for senior housing to be the strongest of the main property types except industrial. Additionally, demand is expected to grow due to limited housing supply to meet the demands of an aging population, which makes newer buildings in growth markets attractive to private equity bidders.[2]
The table below contains a selection of the eight private equity-backed companies from ASHA’s list of top 50 senior housing operators. Included in the table are the number of senior properties and units per operator and states where operations are located.
Private equity investment into nursing homes has received scrutiny for its impacts on patient care – including academic studies and investigative reporting which have found higher patient mortality rates, reduced staffing, overreliance on psychiatric medications, and reduced quality of care.[3]
However, less attention has been placed on private equity’s growing presence in senior living more broadly.[4]
Senior living residents may also face risks related to private equity ownership of housing. Private equity and other corporate landlords can gain market power in geographic areas with few other options for tenants, and charge high costs while offering minimal repair and upkeep.
This piece aims to begin mapping out private equity’s presence in senior living so that policymakers, older adults, and other stakeholders can put appropriate attention on private equity-owned senior living operators, and be wary of the potential risks from private equity’s presence in the sector.
| ASHA Rank (2024) | Company | PE Firm | Senior living properties | Senior living units | States |
| 2 | Discovery Senior Living | Lee Equity Partners, Coastwood Senior Housing Partners | 336 | 34,729 | AZ, AR, CA, CO, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, MD, MA, MI, MN, MS, MO, NJ, NM, NY, NC, OH, OK, PA, SC, TN, TX, VA, WI[5] |
| 3 | Atria Senior Living | Fremont Group | 274 | 33,241 | AZ, CA, CO, CT, FL, GA, IL, ME, MA, MI, NV, NJ, NY, NC, PA, RI, TN, TX[6] |
| 4 | LCS (Life Care Services) | McCarthy Capital, Redwood Capital Investments | 117 | 32,343 | AL, AZ, CA, CT, DE, FL, GA, IL, IN, IA, KS, KY, MD, MA, MI, MN, MO, NJ, NY, NC, OH, OK, OR, PA, SC, TN, TX, VT, VA, WA, WI[7] |
| 5 | Erickson Living | Redwood Capital Investments | 22 | 25,991 | CO, FL, KS, MD, MA, MI, NJ, NC, PA, TX, VA[8] |
| 22 | CPF Living Communities/Grace Management | Chicago Pacific Founders; Martis Captial; Cordish Equity Partners | 65 | 8,245 | AL, AZ, FL, GA, KS, KY, ID, IL, ME, MI, MN, MS, NV, NY, OH, OK, PA, SC, TN, TX, UT, VA[9] |
| 31 | Benchmark Senior Living | KKR | 67 | 6,373 | CT, MA, ME, NH, NY, RI, VA, VT[10] |
| 37 | Spectrum Retirement Communities | Fisher Capital Partners | 38 | 5,782 | AZ, CO, IL, KS, MI, NM, OH, TX[11] |
| 38 | The Arbor Company | Arcapita | 49 | 5,688 | FL, GA, IL, MD, NJ, NC, PA, SC, TN, TX, VA[12] |
Discovery Senior Living (Lee Equity)
Discovery Senior Living, ranked second on ASHA’s list of top senior housing operators, has 336 properties with 34,729 total senior living units.[13]
In October 2022, private equity firm Lee Equity Partners and investment firm Coastwood Senior Housing Partners announced the acquisition of Discovery Senior Living’s national portfolio of senior living and nursing home companies. The deal included more than 15,000 homes and 110 communities across 19 states.[14] Discovery Senior Living has achieved even larger scale under private equity ownership. As of March 2025, Discovery manages senior living units across 32 states. [15]
Discovery’s senior living portfolio includes Discovery Management Group, Morada Senior Living, TerraBella Senior Living, – and home healthcare company Discovery At Home, among others.[16]
According to Discovery’s website, the company has “established, long-running partnerships with the finest REITs and private equity investors around.”[17] In 2019, Discovery partnered with real estate trust HCP, which acquired nine senior living communities operated by Discovery and agreed to provide funding on four new developments to be developed and operated by Discovery.[18] The same year, Discovery Senior Living entered a newly formed joint venture with real estate investment trust Welltower to acquire three seniors housing campuses.[19]
In 2022, Discovery Senior Living and White Oak Healthcare REIT acquired a 10-building portfolio with more than 650 independent living, assisted living, and memory care units to be operated by Discovery.[20] The same year, Discovery and real estate investment trust National Health Investors (NHI) announced a new joint venture to acquire and rebrand nine communities in six states which would be operated by Discovery and its subsidiary management companies.[21]
Discovery has earned high profit margins by taking on a leaner operating model at some of its properties, according to Senior Housing News, which reported that during a third quarter earnings call in 2024, leaders at real estate investment trust Ventas highlighted Discovery’s contribution to its growing net operating income. [22]
Atria Senior Living (Fremont Group)
Atria Senior Living, ranked third on ASHA’s list of top operators, has 274 properties with a total of 33,241 senior living units.[23]
Atria first received private equity backing in December 2017, when senior executives sold half of their ownership stake to Fremont Realty Capital, the real estate private equity business unit of the Fremont Group. As a result of the transaction, Atria’s ownership was split 33%, 33%, and 34% between Atria’s senior executives, Fremont, and real estate investment trust Ventas.[24]
Fremont Reality Capital has invested in senior housing since 1997, with its website highlighting key transactions which include two operating platforms, multiple joint venture relationships, and the acquisition of a portfolio with 24 assisted living facilities. Fremont’s current focus is on senior housing operating platforms and joint ventures.[25]
As of March 2025, Atria Senior Living operates independent senior living, assisted living, and memory care facilities in 17 states.[26]
Atria has partnered with multiple REITs. In October 2010, Atria Senior Living sold its real estate assets — including 118 properties — to Ventas in an acquisition that made Ventas the largest U.S. owner of senior housing communities. Prior to closing, Atria spun off its management company, which continued to operate the properties under a contract with Ventas.[27]
Additionally, Atria has partnered with real estate investment trust Welltower. Atria Senior Living, Welltower, and Related Companies partnered in 2022 to develop two high-end senior living projects in Silicon Valley, as part of a larger strategic partnership between the three companies.[28] The companies have also partnered on two projects for a brand of urban senior living developments in San Francisco and New York City.[29]
Atria Senior Living was one of three companies prompted to provide information as part of an investigation launched in early 2024 by the chair of the U.S. Senate Special Committee on Aging to review safety within the assisted living sector, following a Washington Post investigation on residents who wander away from their assisted living communities.[30]
In October 2024, Atria closed its New York home care subsidiary to focus on its core business of senior living. According to McKnight’s, Atria had launched the home care subsidiary to supplement the 30 assisted living communities it operates in the New York metro area.[31]
LCS (McCarthy Capital, Redwood Capital Investments)
LCS, ranked fourth on ASHA’s list of top senior housing operators, has 117 properties with 32,343 total senior living units. [32]
Private equity firm McCarthy Capital shares ownership of the company with LCS employees and, in January 2022, Redwood Capital Investments was brought in as an additional investor. The deal gave Redwood its second ownership stake in a large senior living provider—Redwood acquired Erickson Senior Living in 2010.[33]
As of March 2025, LCS has operations in 31 states, including independent senior living, assisted living, and memory care facilities, as well as skilled nursing and rehabilitation facilities.[34]
LCS has partnered with multiple real estate investors, including Harrison Street and Ryan Companies to develop senior living properties, some of which were sold to the Inland Real Estate Group in late 2024.[35] As of early 2025, Inland’s senior living portfolio includes 15 communities and 2,343 units across seven states. In January, Inland and LCS announced “an expansion of their strategic relationship” to drive growth.[36]
LCS also operates subsidiary LCS Real Estate, a real estate private equity enterprise solely focused on senior living. According to its website in March 2025, the enterprise has a presence in 21 states.[37]
It is ranked 11th on ASHA’s list of top senior housing owners, owning 40 properties with 10,442 total senior living units.[38]
Erickson Senior Living (Redwood Capital Investments)
Erickson Senior Living, ranked fifth on ASHA’s list of top senior housing operators, has 22 properties with 25,991 total senior living units. [39]
Private equity firm Redwood Capital Investments acquired Erickson Senior Living following an auction to acquire all the company’s assets out of bankruptcy in December 2009. Redwood outbid a competing offer from a group led by private equity firm KKR.[40]
Redwood acquired an ownership stake in a second senior living provider in January 2022, when it was brought in as an additional owner of senior living owner and operator LCS.[41]
As of March 2025, Erickson Senior Living’s website lists 25 managed communities across 11 states.[42]
Erickson Senior Living operates a development division with properties in 11 states.[43] The company is ranked 9th on ASHA’s list of top senior housing owners, owning 13 properties with a total of 11,549 senior living units.[44]
CFP Living Communities/Grace Management (Chicago Pacific Founders)
CPF Living Communities/Grace Management, ranked 22nd on ASHA’s list of top senior housing operators, has 65 properties with a total of 8,245 senior living units. [45]
CPF Living and Grace Management are owned by Chicago Pacific Founders, an investment management firm specializing in healthcare private equity and real estate investments. Chicago Pacific founded CPF Living in 2014. Chicago Pacific claims to be “the only investment firm that owns its own specialized property management company.”[46]
Private equity firm Martis Capital also took an ownership stake in CPF Senior Living in 2014.[47] The operator is also owned by private equity firm Cordish Equity Partners.[48]
According to Grace Management’s website, the company operates 53 properties across 22 states. Its living options include independent living, assisted living, memory care, and specialized care.[49]
Grace Management also operates properties that are not owned by CPF Living. In November 2024, Chicago Pacific Founders sold a 20-asset senior housing portfolio to real estate investment trust Ventas, with Grace Management continuing to manage all 20 properties after the deal.[50]
CPF Living/Grace Management ranked 26th on ASHA’s list of top senior housing owners, owning 51 properties with 6,537 total senior living units.[51]
Benchmark Senior Living (KKR)
Benchmark Senior Living ranked 31st on ASHA’s list of top senior housing operators and has 67 properties with 6,373 total senior living units. [52]
Private equity firm KKR acquired Benchmark’s 48-property portfolio from real estate investment trust Welltower for $1.8 billion in 2019. The previous year, KKR had closed a $2 billion real estate fund intended to purchase value-add or opportunistic properties, including senior housing.[53]
As of March 2025, Benchmark operates 65 senior living communities across 8 states throughout the northeast. Its living options include independent senior living, assisted living, mind and memory care, and special medical care.[54]
Benchmark is ranked 31st on ASHA’s list of top senior housing owners, owning 64 properties with 5,969 total senior living units.[55]
Spectrum Retirement Communities (Fisher Capital Partners)
Spectrum Retirement Communities, ranked 37th on ASHA’s list of top senior housing operators, has 38 properties with 5,782 total senior living units. [56]
Private equity firm Fisher Capital Partners currently owns Spectrum.[57] The company operates 36 communities across eight states, which include independent senior living, assisted living, and memory care facilities.[58]
Spectrum Retirement Communities is ranked 35th on ASHA’s list of top senior housing owners, owning 36 properties with 5,424 total senior living units.[59]
The Arbor Company (Arcapita)
The Arbor Company, ranked 38th on ASHA’s list of top senior housing operators, has 49 properties with 5,688 total senior living units. [60]
Investment management firm Arcapita has owned the Arbor Company since at least 2016, when Arcapita acquired three senior living communities and placed them under the Arbor Company’s management. The acquisition brought Arcapita’s senior living portfolio to six independent living, assisted living, and memory care communities.[61]
As of March 2025, the Arbor Company lists 49 luxury senior living properties. The company’s living options include independent senior living, assisted living, and dementia and memory care.[62]
Arcapita has other senior living holdings which are not operated by the Arbor Company. In January 2016, it acquired three assisted living and memory care communities offering 196 units and 243 licensed beds in a joint venture with operator MorningStar Senior Living.[63] In September 2018, Arcapita acquired a portfolio of two continuing care retirement communities with 1,100 units, which are operated by Senior Care Development and managed by LCS.[64]
Resources
[1] Jeff Shaw. “ASHA Releases 2024 List of Top Owners, Operators.” Seniors Housing Business, September 3, 2024. https://seniorshousingbusiness.com/breaking-asha-releases-2024-list-of-top-owners-operators/.
[2] Jeff Shaw. “Can Private Equity Time the Market?” Seniors Housing Business, May 13, 2024. https://seniorshousingbusiness.com/can-private-equity-time-the-market/.
[3] Private Equity Stakeholder Project PESP. “New Report: ‘Pulling Back the Veil on Today’s Private Equity Ownership of Nursing Homes.,’” July 22, 2021. https://pestakeholder.org/reports/new-report-pulling-back-the-veil-on-todays-private-equity-ownership-of-nursing-homes/.
[4] See Private Equity Stakeholder Project PESP. “Private Equity’s Growing Presence in Senior Living,” December 1, 2023. https://pestakeholder.org/news/private-equitys-growing-presence-in-senior-living/. Kali S. Thomas, John R. Bowblis, Paula Carder, Cassandra Hua, Sean Shenghsiu Huang, Yashaswini Singh, Lindsey Smith, and Momotazur Rahman. “Private Equity Investment In Assisted Living: Distinct Impacts And Policy Considerations.” Health Affairs, June 18, 2024. https://www.healthaffairs.org/content/forefront/private-equity-investment-assisted-living-distinct-impacts-and-policy-considerations.
[5] Discovery Senior Living. “Discovery Senior Living Communities.” Accessed March 4, 2025. https://www.discoveryseniorliving.com/discovery-senior-living-communities/.
[6] Atria Senior Living. “Independent, Assisted Living & Memory Care.” Accessed March 4, 2025. https://www.atriaseniorliving.com/.
[7] Life Care Services. “Find a Community.” Accessed March 4, 2025. https://www.lifecareservices.com/find-a-community.
[8] Erickson Senior Living. “Find a Community.” Accessed March 4, 2025. https://www.ericksonseniorliving.com/find-a-community.
[9] Grace Management, Inc. “Communities | Senior Living.” Accessed March 4, 2025. https://www.gracemanagement.com/communities/.
[10] Benchmark Senior Living. “Senior Living Facility & Community Near Me.” Accessed March 4, 2025. https://www.benchmarkseniorliving.com/our-communities/.
[11] Spectrum Retirement Communities. “Communities by State.” Accessed March 4, 2025. https://spectrumretirement.com/communities-by-state/.
[12] The Arbor Company. “Find a Senior Living Community Near Me.” Accessed March 4, 2025. https://www.arborcompany.com/locations.
[13] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[14] GlobeNewswire News Room. “Lee Equity Partners and Coastwood Senior Housing Partners Announce Agreement to Invest in Discovery Senior Living,” October 13, 2022. https://www.globenewswire.com/news-release/2022/10/13/2534229/0/en/Lee-Equity-Partners-and-Coastwood-Senior-Housing-Partners-Announce-Agreement-to-Invest-in-Discovery-Senior-Living.html.
[15] Discovery Senior Living. “Discovery Senior Living Communities.” Accessed March 4, 2025. https://www.discoveryseniorliving.com/discovery-senior-living-communities/.
[16] GlobeNewswire News Room. “Lee Equity Partners and Coastwood Senior Housing Partners Announce Agreement to Invest in Discovery Senior Living,” October 13, 2022. https://www.globenewswire.com/news-release/2022/10/13/2534229/0/en/Lee-Equity-Partners-and-Coastwood-Senior-Housing-Partners-Announce-Agreement-to-Invest-in-Discovery-Senior-Living.html.
[17] Discovery Senior Living. “About Discovery Senior Living.” Accessed January 22, 2025. https://www.discoveryseniorliving.com/about-discovery-senior-living/.
[18] Chuck Sudo. “HCP Shifts to Acquisition Mode with $558 Million in Senior Housing Deals.” Senior Housing News, May 3, 2019. https://seniorhousingnews.com/2019/05/02/hcp-shifts-to-acquisition-mode-with-558-million-in-senior-housing-deals/.
[19] Welltower Inc. “Welltower Expands Relationship with Discovery Senior Living through Off-Market Acquisitions and Exclusive $1 Billion Development Agreement,” July 31, 2019. https://www.prnewswire.com/news-releases/welltower-expands-relationship-with-discovery-senior-living-through-off-market-acquisitions-and-exclusive-1-billion-development-agreement-300894350.html.
[20] Nick Andrews. “Discovery Senior Living Continues Expansion In 10-Property Deal With White Oak.” Senior Housing News, January 2, 2022. https://seniorhousingnews.com/2022/01/02/discovery-senior-living-continues-expansion-in-10-property-deal-with-white-oak/.
[21] Discovery Senior Living. “Discovery Senior Living, NHI Launch Milestone JV; Acquire 9-Community Independent Living Portfolio,” April 4, 2022. https://www.discoveryseniorliving.com/press-release/discovery-senior-living-nhi-launch-milestone-jv-acquire-9-community-independent-living-portfolio/.
[22] Austin Montgomery. “Why Discovery Senior Living Is Not Rushing Back to New Development.” Senior Housing News, November 5, 2024. https://seniorhousingnews.com/2024/11/05/why-discovery-senior-living-is-not-rushing-back-to-new-development/.
[23] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[24] Atria Senior Living. “Atria Management Announces Completion of Growth-Focused Capital Raise with Fremont Group and Ventas.” PR Newswire, December 20, 2017. https://www.prnewswire.com/news-releases/atria-management-announces-completion-of-growth-focused-capital-raise-with-fremont-group-and-ventas-300574142.html.
[25] Fremont Group. “Fremont Realty Capital Investments.” Accessed March 4, 2025. https://www.fremontgroup.com/fremont-realty-capital/investment-experience.
[26] Atria Senior Living. “Independent, Assisted Living & Memory Care.” Accessed March 4, 2025. https://www.atriaseniorliving.com/.
[27] Ventas. “Ventas to Acquire Real Estate Assets of Atria Senior Living for $3.1 Billion,” October 22, 2010. https://ir.ventasreit.com/news/news-details/2010/Ventas-to-Acquire-Real-Estate-Assets-of-Atria-Senior-Living-for-31–Billion/default.aspx.
[28] Tim Regan. “Welltower Acquires 33-Property Portfolio for $548M; Announces Silicon Valley Projects With Atria, Related.” Senior Housing News, March 6, 2022. https://seniorhousingnews.com/2022/03/06/welltower-acquires-33-property-portfolio-for-548m-announces-silicon-valley-projects-with-atria-related/.
[29] Tim Mullaney. “Atria, Related Unveil Coterie Brand for Urban Luxury Senior Living Developments.” Senior Housing News, November 1, 2021. https://seniorhousingnews.com/2021/10/31/atria-related-unveil-coterie-brand-for-urban-luxury-senior-living-developments/.
[30] WashPostPR. “Post Investigation on Senior Living Centers Prompts Safety Review.” Washington Post, January 16, 2024. https://www.washingtonpost.com/pr/2024/01/16/post-investigation-senior-living-centers-prompts-safety-review/. Tim Regan. “Washington Post Investigation on Assisted Living Elopements Prompts Senate Review.” Senior Housing News, January 16, 2024. https://seniorhousingnews.com/2024/01/16/washington-post-investigation-on-assisted-living-elopements-prompts-senate-review/.
[31] Kimberly Bonvisutto. “Atria to Exit Home Care Business to Focus on Senior Living Portfolio.” McKnight’s Senior Living, October 16, 2024. https://www.mcknightsseniorliving.com/news/atria-to-exit-home-care-business-to-focus-on-senior-living-portfolio/.
[32] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[33] Tim Mullaney. “Senior Living Giant LCS Recapitalizes With Redwood, McCarthy, Employee Owners.” Senior Housing News, January 3, 2022. https://seniorhousingnews.com/2022/01/03/senior-living-giant-lcs-recapitalizes-with-redwood-mccarthy-employee-owners/.
[34] Life Care Services. “Senior Living Communities.” Accessed March 4, 2025. https://www.lifecareservices.com/living-options/senior-living-communities; “Find a Community.” Accessed March 4, 2025. https://www.lifecareservices.com/find-a-community.
[35] Austin Montgomery. “Inland Buys 3 Senior Living Communities With ‘No Shortage’ of Future Growth Opportunities.” Senior Housing News, November 4, 2024. https://seniorhousingnews.com/2024/11/04/inland-buys-3-senior-living-communities-with-no-shortage-of-future-growth-opportunities/.
[36] Inland Group. “Inland and Life Care Services Broadens Strategic Senior Housing Relationship,” January 22, 2025. https://inlandgroup.com/press-room/news-release/inland-and-life-care-services-broadens-strategic-senior-housing-relationship.
[37] LCS. “Senior Living Investments.” Accessed March 4, 2025. http://www.lcsnet.com/real-estate-investment.
[38] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[39] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 14-15, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[40] Emily Chasan and Megan Davies. “Redwood Capital Wins Erickson Retirement Auction.” Reuters, December 23, 2009. https://www.reuters.com/article/business/redwood-capital-wins-erickson-retirement-auction-idUSN23160989/.
[41] Tim Mullaney. “Senior Living Giant LCS Recapitalizes With Redwood, McCarthy, Employee Owners.” Senior Housing News, January 3, 2022. https://seniorhousingnews.com/2022/01/03/senior-living-giant-lcs-recapitalizes-with-redwood-mccarthy-employee-owners/.
[42] Erickson Senior Living. “Find a Community.” Accessed March 4, 2025. https://www.ericksonseniorliving.com/find-a-community.
[43] Erickson Senior Living. “Erickson Senior Living Development.” Accessed March 4, 2025. https://development.ericksonseniorliving.com/erickson-senior-living-development.
[44] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[45] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[46] Chicago Pacific Founders. “Healthcare Real Estate.” Accessed March 4, 2025. https://cpfounders.com/at-the-forefront/healthcare-real-estate/. See also Chicago Pacific Founders. “Chicago Pacific Founders Welcomes Sam Bendix as a Healthcare Real Estate & Infrastructure Partner.” PR Newswire, December 12, 2023. https://www.prnewswire.com/news-releases/chicago-pacific-founders-welcomes-sam-bendix-as-a-healthcare-real-estate–infrastructure-partner-302011794.html.
[47] Martis Capital. “CPF Senior Living.” Accessed March 4, 2025. https://www.martiscapital.com/portfolio/cpf-senior-living/.
[48] Cordish Private Equity Partners. “Strategy & Portfolio.” Accessed March 4, 2025. https://www.cordishequitypartners.com/strategy-and-portfolio/.
[49] Grace Management, Inc. “Communities | Senior Living.” Accessed March 4, 2025. https://www.gracemanagement.com/communities/.
[50] Richard Berger. “Ventas Buys 20-Asset Senior Housing Portfolio.” Multi-Housing News, November 5, 2024. https://www.multihousingnews.com/ventas-buys-20-asset-senior-housing-portfolio/.
[51] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[52] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[53] Tim Mullaney. “Private Equity Giant KKR Is Benchmark’s New Capital Partner.” Senior Housing News, August 13, 2019. https://seniorhousingnews.com/2019/08/13/private-equity-giant-kkr-is-benchmarks-new-capital-partner/.
[54] Benchmark Senior Living. “Assisted Living and Memory Care Communities.” Accessed March 4, 2025. https://www.benchmarkseniorliving.com/.
[55] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[56] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[57] Fisher Capital Partners. “Private Equity Investments.” Fisher Capital Partners, Ltd. Accessed March 4, 2025. https://www.fisher-capital.com/private-equity.
[58] Spectrum Retirement. “Senior Living Communities.” Accessed March 4, 2025. https://spectrumretirement.com/; “Find a Community.” Accessed March 4, 2025. https://spectrumretirement.com/find-a-community/.
[59] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[60] American Seniors Housing Association. “Seniors Housing Business ASHA 2024,” pp. 10-11, June 2024. https://editions.mydigitalpublication.com/publication/?i=829449&view=issueViewer&pp=1.
[61] Arcapita. “Arcapita Completes $200 Million US Senior Living Acquisitions in 2016.” PR Newswire, November 22, 2016. https://www.prnewswire.com/news-releases/arcapita-completes-200-million-us-senior-living-acquisitions-in-2016-602400505.html.
[62] Arbor Company. “Independent Living, Assisted Living, & Memory Care.” Accessed March 4, 2025. https://www.arborcompany.com/.
[63] Arcapita. “Senior Living V.” Accessed March 4, 2025. https://www.arcapita.com/investments/senior-living-v/.
[64] Arcapita. “Senior Living VII.” Accessed March 4, 2025. https://www.arcapita.com/investments/senior-living-vii/.
