Brookdale Senior Living Inc. announced that it recently completed the acquisition of the previously managed Brookdale Galleria community in Houston, Texas at a purchase price of $23.4 million.
The 244-unit independent living and assisted living community is located directly adjacent to The Galleria shopping and entertainment complex and in an affluent submarket. Over the last several years, the Brookdale Galleria community has benefited from a substantial amount of capital improvements and is positioned to be a best-in-class asset through an in-process repositioning with enhanced building amenities and services planned in the near future using development capex.
The acquisition strengthens Brookdale's ownership position in a strategically important market and enables Brookdale to increase its consolidated operating income and Adjusted EBITDA over the near term. The acquisition was funded using cash on hand and the Company's recently expanded line of credit.
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