BOSTON– A joint venture led by Taurus Investment Holdings, LLC and Northbridge Companies announced the acquisition of 6 Class-A senior housing properties located in key suburban Boston submarkets for approximately $200 million.
The 507-unit portfolio consists of Assisted Living (AL), and Memory Care (MC) and is operated by Northbridge, a developer, owner, operator and asset manager of senior living communities.
The acquisition, marks Taurus’ first investment in the senior housing sector.
“Taurus is thrilled to have been able to capitalize on the opportunity to acquire an institutional quality portfolio. We believe that the demand for high quality senior housing will remain strong in the coming years with the upcoming demographic shift as the 75+
population continues to accelerate. I am incredibly proud of our team’s and our partners’ ability to navigate the current market turbulence and successfully bring this to the finish line,” said Peter A. Merrigan, CEO of Taurus. “Northbridge has a deep knowledge of the markets they serve, and we look forward to partnering and pursuing additional opportunistic investments in the senior housing industry together.”
Northbridge, co-owned and led by senior housing veterans James Coughlin and Wendy Nowokunski, is an established New England based provider focused on the highest quality care and services for today’s senior.
Northbridge’s thorough market knowledge, combined with solid financial strength, has enabled Northbridge to grow from a single community in Plymouth, Massachusetts to a portfolio of eighteen communities.
“This transaction brings Northbridge Companies back to our roots of partnering with high net worth families who have a long-term commitment to investing in institutional grade senior housing,” said James Coughlin, CEO of Northbridge. “Northbridge and Taurus intend to partner on future transactions and to continue to build a best in class portfolio in New England.”
Welltower (“the seller”) retained the proven team at Newmark Knight Frank to facilitate the sale. The Taurus and Northbridge venture retained Newmark to facilitate the debt required to close the transaction.
