Seniors Housing

Overview

The seniors housing industry combines real estate, hospitality and resident healthcare. The market in the United States is highly fragmented with significant demographic tailwinds.

The investment team looks for seniors housing investment opportunities with a primary focus on independent living, assisted living and memory care communities that seek to provide investors with a diversified return profile including both current income and capital appreciation over time. The investment team’s aggregation style includes strategic diversification across geographies, best-in-class operators and the acuity spectrum.

Combined, the investment team has led the successful sourcing, structuring, financing and closing of approximately $2.0 billion in seniors housing transactions across 13,000 beds. The investment team also has a history of identifying opportunities through its network of long-term relationships with owners and operators. In general, we target high quality transactions, typically between $15 million and $150 million, where value can be added through capital improvements and/or the investment team’s operator relationships.

Investment Team

Trent Johnson
Senior Managing Director

Trent was born and raised in Colorado Springs, Colorado. He attended Augsburg College in Minneapolis, Minnesota, graduated cum laude with a BA in Accounting and was a four-year hockey letterman. After graduating from Augsburg College in 1993, he returned to Colorado to attend the University of Denver College of Law where he graduated with a Juris Doctorate degree in 1996. After graduating law school, he spent the next eight years in private practice including five years with the Denver office of the national law firm Kutak Rock LLP where he represented clients in all aspects of real estate transactions and project finance. In 2004, he joined Apartment Investment and Management Company (“Aimco”; NYSE: AIV) as a transactional attorney and led real estate and corporate transactions. At Aimco, Trent participated in approximately $4 billion of multifamily real estate transactions. In 2012, Trent relocated to Dallas, Texas as Senior Vice President for Holiday Retirement, an affiliate of Fortress Investment Group LLC (“Fortress”). In 2013, he joined Fortress as Vice President and was promoted to Managing Director in 2014. During his tenure at Fortress, Trent helped lead approximately $800 million of seniors housing transactions across 15 states. He is a member of the Colorado and American Bar Associations. Trent joined HMC in July 2015.


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Brian Landrum, CFA
Senior Managing Director

Brian was born and raised in Dallas, Texas. He attended The University of Texas at Austin (“UT-Austin”) and graduated magna cum laude with a BA in Economics and a BBA in Business Honors and Finance in 1997. After UT-Austin where he was Phi Beta Kappa and Beta Gamma Sigma, he worked at Goldman, Sachs & Co. in the real estate principal investment area and private wealth management group before attending Harvard Business School (“HBS”). After graduating from HBS in 2003, Brian joined Walton Street Capital (“WSC”) in Chicago as an Associate and was promoted to Principal in 2006. While at WSC, he began in an asset management functional role and eventually led acquisitions in the seniors housing, student housing and market rate apartments sectors totaling approximately $1.3 billion of transaction value. In 2012, Brian relocated to Dallas, Texas as Executive Vice President – Investments for Holiday Retirement, an affiliate of Fortress Investment Group LLC (“Fortress”). In 2013, he joined Fortress as Vice President and was promoted to Managing Director in 2014. During his career Brian has been an integral team member across $2.5 billion of seniors housing transactions including personally sourcing $1.4 billion of off-market deal generation. Brian is a CFA charterholder and has been a member of the American Seniors Housing Association since 2007. Brian joined HMC in September 2015.


469.804.3718

Matt Lucas
Managing Director

Matt was born in Springfield, Illinois and raised in Milwaukee, Wisconsin. He attended the University of Wisconsin – Madison (“UW-Madison”) and graduated from the Wisconsin School of Business with a BBA in Real Estate and a BBA in Finance, Investment and Banking. After graduating from UW-Madison in 2004, he moved to Chicago and joined Brookdale Senior Living Inc. (“BKD”) as an Analyst. In addition to the closing of $174 million of acquisitions, he worked on BKD’s initial public offering in 2005. In 2008, Matt joined Ventas, Inc. where he had a variety of roles in both asset management and acquisitions, specifically the $3.1 billion acquisition of Atria Senior Living and the $7.4 billion merger with Nationwide Health Properties. In 2012, Matt relocated to Dallas, Texas as an Associate for Holiday Retirement, an affiliate of Fortress Investment Group LLC (“Fortress”). In 2013, he joined Fortress as Vice President. During his tenure at Fortress, Matt helped lead $1.3 billion of seniors housing transactions representing 52 assets. In 2016, he consulted with Artemis Real Estate Partners on their first dedicated healthcare fund and was focused on seniors housing acquisitions. Matt joined HMC in August 2016.


469.804.3715LinkedIn

Jordan Redella
Managing Director

Jordan was born and raised in Atlanta, Georgia. He attended the University of Georgia in Athens (“UGA”) and graduated from the Terry College of Business with a BBA in Finance & Banking in 2008. After graduating from UGA, he joined iHealth Technologies as a Financial Data Analyst. In 2010, Jordan joined Fannie Mae (“FNMA”) in Washington, DC as a Credit Risk Analyst within the Multifamily Business Unit. While at FNMA, he participated in the Multifamily Corporate Rotational Program where he completed credit training and went on to work in both the Credit Review and REO groups. In 2012, Jordan relocated to Dallas, Texas as an Analyst on the acquisitions team for Holiday Retirement, an affiliate of Fortress Investment Group LLC (“Fortress”). In 2013, he joined Fortress as an Analyst and was promoted to Associate in 2014. Since 2013, Jordan has led $1.3 billion of seniors housing transactions representing 42 properties with over 5,200 beds across 18 states. Jordan joined HMC in August 2015 and serves on HMC’s Environmental, Social and Governance (ESG) Committee reporting to its Board of Directors.


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Michelle Claiborne
Analyst

Michelle was born in Houston, Texas and raised in Florence, Alabama. She attended The University of Alabama, graduating Magna Cum Laude with a Bachelor of Science in Accounting in 2013 and Cum Laude with a Masters of Tax Accounting in 2015. Michelle then moved to Nashville, Tennessee and joined Ernst & Young LLP as a Tax Associate, serving companies primarily in the healthcare and automotive industries. In 2019, Michelle relocated to Birmingham, Alabama and joined HMC as a Real Estate Accountant working exclusively on the Seniors Housing portfolio investments. Michelle joined the Seniors Housing Investment Team in April 2022. Michelle is a Certified Public Accountant.


469.804.3721LinkedIn

Luke Hands
Analyst

Luke was born and raised in Dallas, Texas. He attended The University of Texas at Austin and graduated with a Corporate Finance degree and Accounting Minor. After graduating from UT-Austin, he worked for Montgomery Street Partners on their acquisition team in Dallas. Luke joined HMC in July 2021.


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Investment Criteria

HMC’s seniors housing investment team seeks to diversify across operators, markets, investment risk and the acuity spectrum. We target acquisition and development opportunities to create value based on our knowledge of the complex operating environment found in the seniors housing industry. Certain of the targeted properties will be stabilized, but others may exhibit what we believe are correctable problems with occupancy, physical condition, capital structure, market position and/or property management. With respect to the latter category, the investment team intends to add value by working together with experienced operating partners to resolve these issues through targeted capital expenditures, focused property management, concentrated leasing strategies and may also involve repositioning the asset in the acuity scale to respond to localized demand and/or competition. Our investment process includes origination through active outreach and existing industry relationships, healthcare and real estate due diligence and property-specific asset management. We typically seek:

  • Transaction size: between $15 million to $150 million taking advantage of consolidation opportunities
  • Properties: primarily independent living, assisted living and memory care communities
    (Class A and B)
  • Locations: submarkets demonstrating strong age- and income-qualified demographics
  • Operating or development partners: with solid experience and track record in the specific acuity type targeted
  • Stabilized opportunities: including properties with best-in-class operators exhibiting consistent, reliable cash flow
  • Value-add opportunities: including repositioning of existing properties, management turnarounds and new development
  • Revenue mix: high private pay exposure
Portfolio

Current Portfolio

Harbert Seniors Housing Fund II, L.P.

BALFOUR AT CREEKSIDE
BALFOUR AT CREEKSIDE
100-unit Class A assisted living and memory care development located in Longmont, Colorado.
Cedarhurst of Columbia
Cedarhurst of Columbia
95-unit Class A assisted living and memory care community located in Columbia, Missouri.
Cadence at Chandler
Cadence at Chandler
191-unit Class A development located in Chandler, Arizona consisting of independent living, assisted living and memory care.
The Reserve at East Longmeadow
The Reserve at East Longmeadow
126-unit Class A assisted living and memory care community located in Springfield, Massachusetts.
Long Creek
Long Creek
61-unit Class A assisted living and memory care community located in Sunnyvale, Texas (Dallas).
Cedarhurst Portfolio
Cedarhurst Portfolio
Two-asset Class A assisted living and memory care portfolio located in St. Louis, MO and Lexington, KY.
The Pines
The Pines
134-unit Class A community located in Rocklin, California consisting of independent living, assisted living and memory care.
Highpoint at Stonecrest
Highpoint at Stonecrest
272-unit Class A development located in Summerfield, Florida consisting of independent living, assisted living and memory care.
The Summit At Glen Mills
The Summit At Glen Mills
173-unit Class A community located in Glen Mills, Pennsylvania consisting of independent living, assisted living and memory care.
Watercrest Richmond
Watercrest Richmond
98-unit Class A assisted living and memory care development located in Moseley, Virginia.
ROCK CREEK
ROCK CREEK
85-unit Class A assisted living and memory care community located in Ankeny, Iowa (Des Moines).
THE TRADITION PRESTONWOOD
THE TRADITION PRESTONWOOD
328-unit Class A community located in Dallas, Texas consisting of independent living, assisted living and memory care.
THE CARLISLE NAPLES
THE CARLISLE NAPLES
350-unit Class A independent living and assisted living community located in Naples, Florida.
HIGHPOINT AT FORT MILL
HIGHPOINT AT FORT MILL
214-unit Class A development located in Fort Mill, South Carolina (Charlotte, NC MSA) consisting of independent living, assisted living and memory care.

Harbert Seniors Housing Fund I, L.P.

JEA Portfolio
JEA Portfolio
Six-asset Class A memory care portfolio located in California, Indiana, Missouri, Nebraska and New Mexico.
Independence Village of Brighton Valley - SOLD
Independence Village of Brighton Valley - SOLD
152-unit Class B+ independent living community located in Brighton, Michigan.
Chateau Portfolio - SOLD
Chateau Portfolio - SOLD
Two-asset Class B+ portfolio located in Sacramento, California consisting of independent living, assisted living and memory care.
The Reserve Portfolio
The Reserve Portfolio
Seven-asset Class B+ assisted living and memory care portfolio located in Atlanta, Georgia and Houston, Texas.
JEA Portfolio (2)
JEA Portfolio (2)
Five-asset Class B assisted living and memory care portfolio located in California and Washington.
MorningStar Portfolio
MorningStar Portfolio
Two-asset Class A assisted living and memory care portfolio located in Denver, Colorado and Albuquerque, New Mexico.
Village Park Peachtree Corners
Village Park Peachtree Corners
127-unit Class A community located in Atlanta, Georgia consisting of independent living, assisted living and memory care.
Cedarhurst of Sedalia
Cedarhurst of Sedalia
129-unit Class B independent and assisted living community located in Sedalia, Missouri.
Cedarhurst of Woodland Hills
Cedarhurst of Woodland Hills
140-unit Class A independent living community located in Tulsa, Oklahoma.
Crescent Park
Crescent Park
119-unit Class A independent living community located in Eugene, Oregon.
Cadence at Rancho Cucamonga
Cadence at Rancho Cucamonga
97-unit Class A development located in Rancho Cucamonga, California consisting of independent living, assisted living and memory care.
Village Park Alpharetta
Village Park Alpharetta
193-unit Class A community located in Alpharetta, Georgia consisting of independent living, assisted living and memory care.
MorningStar at Arrowhead
MorningStar at Arrowhead
85-unit Class A assisted living and memory care community located in Phoenix, Arizona.
Contact
HARBERT SENIORS HOUSING

100 Crescent Court
Suite 450
Dallas, TX 75201

Contact:
Brian Landrum
Senior Managing Director
blandrum@harbert.net
469.804.3718

Trent Johnson
Senior Managing Director
tjohnson@harbert.net
469.804.3716