Intercontinental Acquires The Crossings Portfolio - Nine Assisted Living Communities in Massachusetts, New Hampshire, and Connecticut
Intercontinental Real Estate Corporation, a national real estate investment, development and management firm headquartered in Boston, MA, announced the formation of a new joint venture with Benchmark Assisted Living. The two companies acquired The Crossings Portfolio. The portfolio consists of nine assisted living communities located in Massachusetts, New Hampshire, and Connecticut totaling 672 units and 778 beds. The purchase, made with funds from Intercontinental Real Estate Investment Fund III, expands the diversified portfolio to include a total of 26 properties.
The Crossings Portfolio communities were opened between 1997 and 2000 and are collectively 93% occupied. The portfolio was purchased in a joint-venture with Benchmark Assisted Living, a pioneer in the senior living industry. Benchmark, a private firm founded in 1997, owns and operates 38 communities and is the largest owner-operator of service-enhanced senior housing communities in New England. “The investment community has realized that this model and the senior living industry are very smart investments. We are delighted that Intercontinental has selected Benchmark for its first foray into senior living. Intercontinental is a highly-respected opportunity fund with New England roots so we know the partnership will be productive,” said Thomas H. Grape, Chairman, CEO, and President of Benchmark. Benchmark will serve as the daily operating partner and provide onsite property management services and Intercontinental Real Estate Investment Fund III, LLC will serve as the managing partner.
Intercontinental is very excited about the opportunity to acquire a high-quality, stable, and well-located assisted living portfolio in New England. “Intercontinental has been assessing the senior living sector for some time. After identifying this opportunity, we knew a partnership with Benchmark would be an optimal introduction into the industry. We look forward to a great partnership,” said Peter Palandjian, CEO and Chairman of Intercontinental.
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed over $3 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects.
Benchmark Assisted Living is the leading provider of senior living services in the Northeast and one of the top ten assisted living providers nationwide. Services offered by Benchmark include independent living, assisted living and Alzheimer’s assisted living. The Company is strategically focused on providing excellence in results through personalized service and a superior culture. Founded in 1997, Benchmark has consistently delivered superior investment returns to its institutional partners, and currently owns and operates 38 senior living communities with a combined asset value of $600 million. Revenues for 2005 are projected to be $165 million. For more information, visit www.benchmarkseniorliving.com/.