CLEVELAND: Senior housing development has caught the eye of a Pennsylvania public school pension fund that plans to invest $100 million in the sector through the newest senior housing investment fund from Prudential Real Estate Investors (PREI), Senior Housing Partnership Fund V, according to documents filed by the pension fund.
The investment from the Pennsylvania Public School Employees’ Retirement System (PSERS) will contribute to the PREI Fund V, which has an anticipated size of $500 million, according to a letter sent by PSERS on behalf of Courtland Partners, Ltd., an institutional real asset advisor headquartered in Cleveland, Ohio.
The Fund’s investment strategy will employ a few different investment approaches, including making direct acquisitions in existing communities either directly or through investments in wholly-owned subsidiaries or joint ventures, says the letter signed by Steven Novick, principal and CEO of Courtland Partners.
PREI’s fund intends to diversify by property type and will focus on investing in “for-rent, for-profit, private-pay independent living, assisted living, and memory care communities, as well as properties that offer a combination of the three.”
While a large majority of investments are planned for the U.S. senior housing market, the Fund may invest up to 20% of the fill commitment amount in investments outside of the country in Canada and the U.K…
This trend is covered in detail in the Seniors Housing Trends Monthly News