Brookfield pays $31M for Brooklyn senior living facility

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

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.

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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.