Brookfield confirmed as buyer behind $664M Sunrise Senior Living deal

32-property, 3,200-unit portfolio spans U.S. as firm bets big on senior housing

New York /
Jul.July 14, 2021 08:00 AM
Brookfield CEO Bruce Flatt with Sunrise at Mill Basin at 5905 Strickland Avenue (left) and Sunrise at Sheepshead Bay site at 2211 Emmons Avenue (Sunrise, Google Maps,  Todd France/Wikimedia)

Brookfield CEO Bruce Flatt with Sunrise at Mill Basin at 5905 Strickland Avenue (left) and Sunrise at Sheepshead Bay site at 2211 Emmons Avenue (Sunrise, Google Maps,  Todd France/Wikimedia)

Brookfield Asset Management has made a massive bet on senior living facilities.

The investment firm was the buyer behind the previously reported sale of Sunrise Senior Living’s 32-unit portfolio by real estate investment trust Healthpeak Properties, a Brookfield representative confirmed to The Real Deal on Tuesday.

The reported price tag was $664 million.

The 3,235-unit portfolio spans the nation, including the 189-bed Sunrise at Sheepshead Bay, at 2211 Emmons Avenue in Brooklyn, for which Brookfield paid about $36 million, according to property records. The acquisition also included the 142-bed Sunrise at Mill Basin, also in Brooklyn, for $31 million.

Crain’s first reported the Sunrise at Sheepshead Bay deal on Tuesday.

In February, Healthpeak Properties announced the $2.5 billion sale of its senior housing operating portfolio and triple-net senior housing assets, according to Senior Housing News.

At the time, The Registry, a Seattle-area real estate news outlet, reported that Brookfield had purchased two Sunrise communities in the region for $28 million, but the firm was not confirmed as the buyer of the entire Sunrise portfolio, by far the largest piece of the divestment.

While Healthpeak had a second thought about the senior living sector, Brookfield sees it differently — particularly in the long run. The pandemic ravaged those facilities as the coronavirus spread, but the sector has since been recovering.

In addition, long-term demographic trends — such as an aging population — continue to support the sector’s future prospects, the firm wrote in an October note to investors.





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