Skip navigation

Australian Group Stakes Claim Here

Marking its first push into the United States, Australia-based FKP has purchased the eight-property portfolio of the Principal Senior Living Group of Roswell, Ga. The total acquisition cost — including transaction and closing fees — was about $113 million.

The portfolio includes 522 units with a mix of independent living (16%), assisted living (59%), and memory care (25%). Located in the Southeast, six of the buildings use the “Benton House” or “Benton Village” brand name.

Heritage Green of Orlando represented FKP, which is headquartered in Brisbane, and is a large owner of seniors housing in Australia. CB Richard Ellis represented the Principal Senior Living Group.

FKP plans to use its purchase as a platform to expand in the U.S., according to Bruce Gibson, a broker with CB Richard Ellis in Miami. “This is among the first large transactions to take place since the credit crunch in August,” says Gibson. “It shows that pricing is still aggressive, and a number of investors are still looking to acquire assets.”

The individual property prices were not released, but Gibson says all the buildings are prime properties in quality locations. Five of the buildings have stabilized occupancies. The relatively low value of the U.S. dollar versus other currencies is a driving factor, Gibson believes. “We’ll see more investor interest like this from overseas.”

TAGS: News
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.