BOSTON--(BUSINESS WIRE)--Clearwater Senior Living and Berkshire Group announced a joint venture to develop and strategically acquire senior housing communities in the western United States. The partnership’s initial equity commitment is expected to generate over $500 million in gross asset value, with the objective for additional investments as the company grows. The platform will seek joint venture opportunities with third-party institutional investors.
“Berkshire is excited to take this next step and partner with Clearwater Senior Living to expand our investment footprint in senior housing,” stated Jason Grossman, Managing Director, Berkshire Group Venture Investments. “The new venture with CSL will allow us to complement our existing East Coast senior housing platform with development opportunities in primary and secondary California markets as well as other West Coast markets.”
The joint venture will own, operate and develop a full range of senior housing communities including a mix of independent living, assisted living and memory care.
“The venture with Berkshire represents a long-term strategic alliance for Clearwater Senior Living to continue our team’s passion to own, develop and operate innovative senior housing communities,” said Tony Ferrero, Chief Executive Officer of CSL. “Berkshire exemplifies the same principles, values and drive for excellence that we share at CSL. It is through this shared foundation that we strive to create distinctive environments that enhance the lives of our associates, our residents and their families.”
About Berkshire Group
Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of June 30, 2016, Berkshire Group had approximately $7.2 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.