Brookfield pays $31M for Brooklyn senior living facility

Part of strategy to invest more heavily in sector now recovering from depths of pandemic

New York /
Jul.July 08, 2021 05:00 PM
Mill Basin Senior Living Center and Brookfield CEO Bruce Flatt (Brookfield)

Mill Basin Senior Living Center and Brookfield CEO Bruce Flatt (Brookfield)

Brookfield Asset Management has acquired a senior living facility in Brooklyn, part of its strategy to invest more heavily in a sector that was ravaged early on by the pandemic.

The firm paid $31 million for Sunrise at Mill Basin, at 5905 Strickland Avenue, according to public records.

The seller was Healthpeak Properties, a real estate investment trust based in Irvine California.

The 142-bed Sunrise at Mill Basin is part of a growing trend of assisted living facilities opening in more urban locations, so adult children in those areas can be closer to their aging parents. Healthpeak acquired Sunrise at Mill Basin when it bought CNL Retirement Properties in 2006. CNL had purchased the property three years before that, for $17 million, according to public records.

Brookfield has been eyeing senior housing in recent months. The sector has been recovering from the depths of the pandemic, when the coronavirus spread rapidly through many of those properties, wreaking havoc on residents. In addition, long-term demographic trends — such as an aging population — continue to support the sector’s future prospects, according to Brookfield’s October note to investors.

Brookfield and Healthpeak did not immediately respond to requests for comment. A person who answered the phone at the Sunrise facility directed a reporter to the two firms.





    Related Articles

    arrow_forward_ios
    Rendering of 227 West Street with Brookfield's Brian Kingston and Blackstone's Katie Keenan (OMA, Brookfield, Blackstone)
    Brookfield lands $500M for next Greenpoint Landing development
    Brookfield lands $500M for next Greenpoint Landing development
    Clinton Street condo edges Park Slope townhouse in Brooklyn sales’ slow week
    Clinton Street condo edges Park Slope townhouse in Brooklyn sales’ slow week
    Clinton Street condo edges Park Slope townhouse in Brooklyn sales’ slow week
    “Just not right.” Texas sovereign wealth fund official scrutinizes Greenbrook
    “Just not right.” Texas sovereign wealth fund official scrutinizes Greenbrook
    “Just not right.” Texas sovereign wealth fund official scrutinizes Greenbrook
    Family feud for $11M Lundy’s restaurant building boils over
    Family feud for $11M Lundy’s restaurant building boils over
    Family feud for $11M Lundy’s restaurant building boils over
    PHE at 51 Jay Street and 4 Hunts Lane (Compass)
    Dumbo penthouse leads Brooklyn’s luxury market
    Dumbo penthouse leads Brooklyn’s luxury market
    A rendering of 19 Hausman Street (M Development)
    Nightmare darkens for largest Brooklyn condo project of 2019
    Nightmare darkens for largest Brooklyn condo project of 2019
    50 Hicks Street and 170 Carroll Street (Photos via Compass, Leslie J. Garfield)
    Brooklyn sees 21 luxury contracts signed — again
    Brooklyn sees 21 luxury contracts signed — again
    A rendering of the 80 Flatbush project and Alloy CEO Jared Della Valle (Alloy, AIANY)
    Alloy lands $240M construction loan for Boerum Hill towers
    Alloy lands $240M construction loan for Boerum Hill towers
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...