White Oak Healthcare REIT has closed on the sale of a 31-property portfolio of senior living communities formerly operated by Senior Lifestyle Corp. to two buyers.
One of the buyers was Welltower (NYSE: WELL). The real estate investment trust (REIT) picked up 29 communities for about $147 million and tapped Chicago-based Pathway to Living to manage 22 of them, with Portland, Oregon-based Frontier Management managing the other seven. The other buyer was Midwest Health, which acquired two properties in Nebraska and Kansas.
That’s according to Newmark, which handled the sale and confirmed some of the transaction’s details; and White Oak.