Real estate investment trust Ventas Inc. (Chicago) has announced a definitive merger agreement to acquire independent living community owner New Senior Investment Group (New York, N.Y).
The $2.3 billion deal will increase the number of independent living communities for Ventas, which fully or partially owns 1,200 communities.
New Senior currently owns 103 communities across 36 states, primarily in California, North Carolina, Florida, and Oregon, under banners such as Hawthorn Senior Living (Vancouver, Wash.), Grace MGMT Inc. (Maple Grove, Minn.), and Merrill Gardens (Seattle).
The acquisition will strengthen Ventas’ relationship with operators including Atria Senior Living (Louisville, Ky.) and Holiday Retirement (Winter Park, Fla.), which recently announced plans to merge and operate under the Atria banner.
