A chain of senior-living communities based in Vancouver has been bought by a group of Seattle investors.
Hawthorn Retirement Group will join Columbia Pacific Advisors’ portfolio of senior-living enterprises, the companies announced Monday morning. The terms of the deal weren’t disclosed, but the deal is expected to close later this summer, according to the announcement.
Hawthorn, headquartered near Vancouver Mall, has 55 communities in operation across the country, though its only Washington location is in Puyallup. Its next-closest locations are in Boise, Idaho, and five in Oregon.
The company is vertically integrated, meaning it designs, develops and ultimately manages its own senior living communities. Another 24 communities are currently in the works.
New owner Columbia Pacific Advisors already boasts a portfolio that is strong with investment in the elder-care industry. Over the past decade, it has amassed 300 senior-living communities, amounting to 25,000 units total.
The Seattle-based firm, founded in 2006, also oversees 1,300 multifamily units and more than 1.2 million square feet in commercial space, according to the announcement. As of March 31, the company claims to have assets worth $1.45 billion.
Both entities seem to have known each other for some time, according to the release. Besides working as peers in the industry, two Hawthorn principals are the sons of a man who was a business partner with Dan Baty, one of Columbia Pacific’s co-founders, the announcement said.
“Dan’s so familiar with the way the (company) works,” said spokesman Ashley Bach. “The company culture should be very similar, it should be very smooth. It’s not like it’s going to be an outside party coming in.”
