N.Y. firm pays $44M for Central Mass. senior living centers
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Tatnuck Park at Worcester at 340 May St. in Worcester is one of five Benchmark senior living facilities that have new investor partners.
A New York investment firm has bought five Central Massachusetts senior living facilities as a new investor partner with facility operator Benchmark.
Waltham-based Benchmark said it has brought on KKR & Co. Inc. as an investor partner for 48 of its properties. Each was previously owned by limited liability corporations registered to Welltower, a healthcare company based in Toledo, Ohio.
The five Central Massachusetts transactions, for a combined nearly $43.7 million, took place within days of each other in July.
KKR & Co. bought Tatnuck Park at Worcester at 340 May St. in Worcester for $8.4 million; Benchmark Senior Living at Shrewsbury Crossings at 311 Main St. in Shrewsbury for $7.1 million; and Benchmark Senior Living at Leominster Crossings at 1160 Main St. in Leominster for $7.1 million; Benchmark Senior Living at Robbins Brook at 10 Devon Drive in Acton for $10.3 million; and Benchmark Senior Living at Forge Hill at 4 Forge Hill Road in Franklin for $10.8 million.
“Benchmark is proud to confirm its new real estate investment from KKR, a leading global investment firm," Benchmark said in a statement. "Strong financial partners enable us to invest in our communities and service offerings as we strive to provide personalized, meaningful life experiences to our associates, residents and their loved ones. While this particular change in our capital structure will have no immediate impact on daily operations, it will allow us to reinvest in our communities, explore growth opportunities and advance our mission to deeply understand seniors and their families through genuine, purposeful human connection.”
KKR & Co. has made senior living facilities more a part of its portfolio, including in March buying Kentucky-based BrightSpring Health Services, which says it serves 300,000 people a day including at residential health complexes.
In all, KKR & Co. has more than $200 billion in assets under management. The company has dozens of limited liability corporations in Massachusetts registered to its New York address.
Benchmark includes 58 senior care communities across the Northeast. In addition to its five existing Central Massachusetts facilities, Benchmark is also building new centers in Framingham and Marlborough.
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