Ventas Inc., one of the largest health care REITs in the country, has agreed to buy the real estate assets of Atria Senior Living Group, Louisville, Ky. The acquisition of Atria’s 118 properties will make Ventas the largest owner of senior housing communities in the country.
As part of the transaction, which includes the transfer of cash and company stock in addition to the assumption of seller debt, Atria is offering its CEO, Matthew Lustig, who will join Ventas.
Ventas has been on an acquisition binge, acquiring six targets in the last six years. Nearly 70 percent of the properties are located in high-income coastal markets, such as New York, New England and California.
With this latest acquisition, Ventas will own more than 35,000 units in 350 properties. It will be able to claim a total of 700 assets, including medical office buildings and other healthcare-related properties, spanning 44 states and Canada.