StepStone Real Estate is co-investing in a $75 million (€65 million) US senior housing venture set up by Bridge Investment Group.
Bridge said it initiated the program to acquire, develop and operate “need-based senior housing assets” in the United States.
The NYSE-listed real estate investment manager said that as part of the new venture, StepStone has co-invested in an existing portfolio managed by Bridge and intends to help build the platform together. -investing in other retirement housing assets identified by Bridge in the future.
Robb Chapin, CEO and co-CIO of Bridge’s senior housing vertical business, said Bridge’s partnership with StepStone represents a “strategic step as we continue to expand our senior housing strategy based on needs”.
Blake Peeper, co-CIO of Bridge’s seniors business, said: “We are delighted to be working with StepStone to strategically invest in senior housing, a sector supported by attractive market fundamentals.
John Waters, Partner and Head of Investments for StepStone Real Estate, said: “This program helps StepStone fulfill its dual purpose of pursuing our social mission by helping to provide housing for senior residents according to their needs and also to provide attractive risk-adjusted housing. goes to our investors.
“We partnered with Bridge because we believe their vertically integrated platform and approach to investing, informed by their property-level operating capabilities, will position them to successfully execute this strategy.”
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