Ahr, Kensington Senior Living announce ‘long-term Partnership’ After $572m Portfolio Acquisition  

American Healthcare REIT (NYSE: AHR) has acquired six communities from Kensington Senior Living, representing a total investment of $572 million.

The six communities include 464 units that are part of a larger eight-community, 745-unit portfolio, the company said in a news release Tuesday afternoon. The remaining two communities in the portfolio are subject to definitive purchase agreements and are expected to close in the fourth quarter of this year.

AHR CEO Jeff Hanson said the transaction reflects the “type of opportunity we have spent years positioning AHR to capture.”

“We are acquiring Class A luxury senior housing that is extraordinarily difficult to replicate in some of the most affluent and supply-constrained markets in the country, but the strategic value extends well beyond these eight communities,” Hanson said. “We are establishing a long-term partnership with an exceptional operator whose culture, care model, development capabilities and ambition closely align with ours.”

The acquisitions came about through “limited-channel marketing” as opposed to a typical market process because the communities were owned by Kensington, and the operator was able to evaluate prospective buyers based on “considerations extending beyond transaction price,” according to the news release.

“When we decided to pursue a transaction, our objective was not simply to maximize price,” Dave Faeder, founding managing partner of Kensington Senior Living, said in the release. “We were primarily seeking the best long-term strategic partner for Kensington and we chose AHR. They were not the highest bidder.”

Kensington Senior Living will stay on as the manager of the properties, the news release noted. The transaction forms a “long-term strategic relationship” between the Irvine, California-based real estate investment trust (REIT) and the Reston, Virginia-based luxury senior living provider and developer.

In 2026, AHR has made $2 billion in new investments, with plans for an additional $675 million in new investments this year.

The eight communities were built by Kensington, and 93% of the units are designated for assisted living and memory care. The communities are located across the Los Angeles, San Francisco Bay Area, Washington, D.C., and New York metropolitan areas in “affluent infill submarkets” where new construction of senior living remains muted.

“Our strategy is not to accumulate buildings. It is to scale an integrated operating platform where differentiated sourcing, disciplined capital allocation, outstanding operating partners, strategic asset management, technology and data reinforce one another to create durable shareholder value,” Stefan Oh, chief investment officer, explained. “Kensington is that strategy in action and it is one of the clearest signals yet that AHR has become the partner of choice for the best senior housing operators in America.”

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