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Harrison Street forms $350m senior housing JV

Chicago-based Harrison Street and New York-based Kaplan Development Group have joined forces to develop, redevelop and acquire senior housing properties throughout the Northeast and Southeast US.

Private equity real estate firm Harrison Street Real Estate Capital and senior housing developer Kaplan Development Group announced today the formation of a new venture to target senior housing properties in the US.

The venture was launched with the recapitalization of six senior housing properties located in New Jersey, Pennsylvania, Delaware and Georgia. The properties total 540 units and include independent living, assisted living and memory care units in Philadelphia and Harrisburg, Pennsylvania; Savannah and Atlanta, Georgia and Princeton, New Jersey.
 
“This venture is consistent with our firm’s strategy of aligning ourselves with leading developers and operators active in specialty segments of the real estate market,” Christopher Merrill, co-founder and managing director of Harrison Street, said in a statement.

Harrison Street was founded in 2005 by Merrill, formerly a partner at Chicago-based private equity real estate firm Heitman, and the Galvin family of Chicago, the founding family of Motorola.

The firm currently owns approximately $300 million in real estate assets including investments in self-storage, student housing and senior housing/assisted living.

Kaplan Development Group operates fourteen senior communities in the US and currently has seven new senior housing projects under development.