Welltower to Buy Affinity Living Active Adult Portfolio for $969M

Welltower Inc. (NYSE: WELL) is acquiring a 25-community active adult portfolio for $969 million with larger plans to create a programmatic development agreement with Affinity Living Communities. 

The portfolio consists of 3,900 units, mostly concentrated in the Pacific Northwest, according to a press release on the transaction. Affinity will continue to manage the portfolio when it changes hands.

“Our Wellness Housing portfolio helps address the significant and growing unmet demand for wellness focused rental housing for seniors. These communities provide thoughtful amenities and targeted social programming for empty nesters and active adults at moderate price points,” Welltower CEO Shankh Mitra said in the release.

The transaction is anticipated to close over the next several months.

This is a developing story that will be updated.