Harrison Street Buys Connecticut Senior Housing Assets

Harrison Street Asset Management has strategically expanded its senior housing footprint with the acquisition of two premium communities in Connecticut's affluent Fairfield County. This move underscores the firm's sustained commitment to the senior living sector, a market segment experiencing significant demographic tailwinds.

The acquired properties, The Residence at Summer Street and The Residence at Selleck’s Woods, collectively offer 216 units catering to independent living, assisted living, and memory care needs. These facilities are equipped with comprehensive amenities, including libraries, fitness centers, theaters, and salons, designed to enhance resident quality of life. The Residence at Selleck’s Woods, a 104-unit development completed in 2019, and the 112-unit Residence at Summer Street, an infill community finished in 2018, are situated in high-barrier suburban markets approximately 17 miles from New York City. Their locations benefit from robust demographic profiles, limited new construction pipelines, and strong regional transportation links.

This transaction deepens Harrison Street's established relationship with LCB Senior Living, a seasoned developer and operator with over 15 years of experience in the senior housing industry. LCB Senior Living, which originally developed these two assets, will continue to manage operations, extending their oversight to 40 communities across the Northeast, including eight in Connecticut. This partnership highlights Harrison Street's strategy of collaborating with proven operators in desirable markets.

“Our investment thesis in senior housing centers on acquiring top-tier assets in markets with strong demographic support for long-term demand, partnering with highly capable operators,” stated Rob Korslin, Co-Head of North America Transactions at Harrison Street Asset Management. “We are pleased to further our enduring collaboration with LCB Senior Living and enhance our presence in these sought-after locations, where new supply is increasingly constrained. These communities are well-positioned to meet the growing needs of an aging demographic while benefiting from a protected competitive environment.”

Harrison Street is a recognized leader in the senior housing investment space, consistently ranking among the top five largest owners in the United States. Since its inception, the firm has deployed approximately $15.1 billion across 44,000 senior housing units and has successfully divested over $4.8 billion from 171 properties. This extensive track record, built over nearly two decades, is founded on deep sector expertise and enduring alliances with operators and developers nationwide.

The senior housing sector, a critical component of the broader real estate and healthcare industries, is projected for substantial growth. Driven by the aging Baby Boomer generation, demand for specialized living arrangements is expected to rise significantly. Industry reports indicate a growing need for assisted living and memory care facilities, particularly in densely populated and affluent areas like Fairfield County, where barriers to entry for new development are high, thus supporting asset values and operational stability.