Columbia Pacific Advisors, whose founder Dan Baty built the Emeritus assisted living chain, has reached a deal to acquire Hawthorn Retirement Group, which runs 55 senior communities and is building 24 more.
Seattle-based investment group Columbia Pacific Advisors has reached a deal to acquire Hawthorn Retirement Group, a Vancouver, Wash.-based firm that owns and operates senior housing communities.
Terms of the deal, expected to close later this summer, were not disclosed.
Columbia Pacific, whose management team has extensive experience in the senior housing sector, will be acquiring 55 currently existing Hawthorn communities as well as 24 more under development, according to the investment firm. Most of Hawthorn’s housing units are categorized as “independent living” with a small portion for assisted living or memory care.
Hawthorn currently has one senior housing community in this state, in Puyallup.
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Columbia Pacific will also be taking on Hawthorn’s management and construction businesses.
One of Columbia Pacific’s founders, Dan Baty, also co-founded the Emeritus chain of senior-living facilities in the U.S., which was sold in 2014.
Over the past 10 years, funds managed by the investment group have developed or acquired ownership interests in more than 300 senior living communities comprising more than 25,000 units, according to the firm. The number of communities and units Columbia Pacific currently owns was not immediately available.