8/23/2023 0 Comments Benchmark senior living llcHFF marketed the portfolio on behalf of AEW Capital Management of Boston, the seller, which bought the two properties in 2010 for $19.2 million. Last year, the company purchased three Massachusetts communities that included The Commons in Lincoln, as well as a two-property portfolio of The Inn at Robbins Brook in Acton, and Forge Hill Senior Living in Franklin. With the acquisition of these Massachusetts and Connecticut communities, Benchmark continued its growth throughout New England and expanded its services in Alzheimer’s assisted living. In March 2005, Benchmark acquired five New England assisted living properties from Athena Health Care Systems, and five freestanding Alzheimer’s communities from Amicus Healthcare (the latter named the Atrium properties). “We have since done smaller, individual projects with them and intend to continue to grow the relationship.” “Health Care REIT has been a terrific partner,” notes Grape. As a result of the partnership, Benchmark also has become one of the largest operators in Health Care REIT’s portfolio. The partnership with Health Care REIT included 34 Benchmark seniors housing communities in six New England states totaling 3,009 units. KFH eventually unwound that investment and then started a second venture with Benchmark in 2011, the year that the New England company entered into an $890 million partnership with Health Care REIT under the REIT Investment Diversification and Empowerment Act. KFH invested $148 million in 11 properties through one of Benchmark’s many funds. In 2004, Benchmark Senior Living entered into a joint venture with Kuwait Finance House (KFH), a sophisticated international player with billions of dollars in U.S. It eventually sold those nine properties to a Boston-based real estate investor in partnership with Benchmark, which retained management of the facilities. In 2001, Benchmark started a venture with Charlesbank Capital Partners (the group split off several years ago to form BayNorth Capital), which acquired the eight Crossings properties for approximately $57.2 million, and a ninth asset in 2003. Another early financial backer was AEW Capital Management, which partnered with Benchmark in 1997 to develop eight properties, known as The Crossings, and acquire three others. ![]() Since the beginning, Benchmark’s seniors housing business pattern has been to buy, hold and recapitalize with a new partnership. “There was a frenzy to build, and 16 companies went public,” recalls Grape, adding that about three of those 16 public companies remain in business today. When the company first opened its doors, assisted living was a new concept exploding onto the national scene. “I had never been in a senior living facility before that time, so it certainly took me out of my comfort zone as the industry was still maturing.” Small was the first Benchmark investor in 1997 and has served on the company’s board of directors ever since. “My marketing background led Peter to believe I would be a good fit for a senior living company,” says Grape. He made the switch in 1986 when Peter Small, president of Spaulding & Slye, proposed a new venture that would bring Grape to Boston. Assisted living residences comprise the majority of its 4,471 units.ĬEO Thomas Grape developed office buildings at Spaulding & Slye Investments (now Jones Lang LaSalle) for two years before trying his hand at seniors housing. The portfolio of the privately owned firm includes 15 ground-up developments and 35 acquired properties. ![]() Wellesley, Mass.-based Benchmark develops, owns and manages senior living communities in the Northeast, including independent living, assisted living, memory care and continuing care retirement properties. ![]() The cherry on top was that Benchmark at Split Rock marked the company’s 50th seniors housing community. The opening also was the culmination of more than 17 years in the company’s pursuit of innovation in seniors housing. When Benchmark at Split Rock opened in Shelton, Conn., in May, the event was a significant achievement on many levels for Benchmark Senior Living LLC, the largest senior living provider in New England.įor starters, the state-of-the-art, LEED-certified community was among the first of its kind to adopt the latest technology for both safety management and recreational activities for residents, visitors and staff. Compassionate and innovative developer, owner and manager opens its 50th community in the Northeast.
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