Berkshire Group Partners with Clearwater Senior Living
New platform will develop and acquire senior housing communities in
California and other West Coast markets
BOSTON–(BUSINESS WIRE)–Clearwater Senior Living and Berkshire Group announced a joint venture
to develop and strategically acquire senior housing communities in the
western United States. The partnership’s initial equity commitment is
expected to generate over $500 million in gross asset value, with the
objective for additional investments as the company grows. The platform
will seek joint venture opportunities with third-party institutional
investors.
“Berkshire is excited to take this next step and partner with Clearwater
Senior Living to expand our investment footprint in senior housing,”
stated Jason Grossman, Managing Director, Berkshire Group Venture
Investments. “The new venture with CSL will allow us to complement our
existing East Coast senior housing platform with development
opportunities in primary and secondary California markets as well as
other West Coast markets.”
The joint venture will own, operate and develop a full range of senior
housing communities including a mix of independent living, assisted
living and memory care.
“The venture with Berkshire represents a long-term strategic alliance
for Clearwater Senior Living to continue our team’s passion to own,
develop and operate innovative senior housing communities,” said Tony
Ferrero, Chief Executive Officer of CSL. “Berkshire exemplifies the same
principles, values and drive for excellence that we share at CSL. It is
through this shared foundation that we strive to create distinctive
environments that enhance the lives of our associates, our residents and
their families.”
About Berkshire Group
Berkshire
Group is a real estate investment management company primarily known
for its multifamily investment and operational experience. In addition
to deploying capital through equity, debt and development in the
multifamily arena, Berkshire invests in opportunistic ventures in other
real estate sectors through its Venture Investments group. Over more
than four decades, Berkshire’s team of industry leaders has gained a
reputation for being able to identify opportunities and effectively
manage through various economic environments, establishing a long-term
track record of solid performance based on thoughtful, leading edge
strategies, and operational experience. The Company has experience in
disciplines including acquisitions, portfolio and property management,
debt, development and redevelopment. Berkshire, a registered investment
advisor, is headquartered in Boston and has offices in Atlanta, New
York, Baltimore, Dallas, Houston and San Francisco. As of June 30, 2016,
Berkshire Group had approximately $7.2 billion in real estate assets
under management. For more information on Berkshire, please visit www.berkshire-group.com.
Contacts
Berkshire Group
John Dobroski, 617-646-2485
john.dobroski@berkshire-group.com
