AHR Structures $696M Senior Housing Deal to Skip Two Assets

American Healthcare REIT (NYSE: AHR) said on Sept. 3, 2026 that it acquired eight Class A senior housing communities for approximately $696 million, establishing a presence in East Coast markets, according to a Business Wire release. The eight communities total 867 units across Massachusetts, Connecticut, New Jersey, Pennsylvania, Delaware and Georgia, Business Wire reported.

How the deal was structured

According to Business Wire, the eight communities were originally part of a group of 10 properties marketed together by their sellers. AHR wanted only eight of the ten assets. The company acquired its purchase and sale agreements for the eight target properties, then assigned its agreements for the two remaining communities to another institutional investor, which purchased those two at AHR's allocated basis. Business Wire said AHR completed its acquisition of the eight communities in phases over roughly three weeks, concluding in early August 2026, while the other investor completed its purchase of the two additional communities in late August.

Business Wire reported that the communities were built between 2020 and 2022, and that LCB Senior Living developed five of them and operates seven of the eight following the transaction, with two transitioning to LCB from a previous operator at closing. One community, The Holbrook of Sugar Hill in Georgia, continues to be managed by its developer, Holbrook Life, per the release.

Where this fits in AHR's broader activity

Business Wire said the eight-community purchase was included in $1.4 billion of closings AHR disclosed in its second-quarter earnings release, and that the company has since completed more than $600 million of additional investments, bringing year-to-date investments to more than $2.0 billion. Multi-Housing News reported the same figure, noting the acquisitions bring AHR's 2026 investment total above $2 billion.

Senior Housing News reported in May 2026 that AHR was pursuing a senior housing operating portfolio strategy and had identified roughly $650 million in pipeline deals at that time, ahead of this September transaction.

A separate multifamily merger

Separately, GlobeSt and Bisnow reported on Sept. 9, 2026 that Independence Realty Trust and Centerspace agreed to merge in an all-stock deal creating a combined multifamily REIT with an enterprise value of about $8.1 billion. Under the agreement, IRT shareholders would hold roughly 78% of the combined company and Centerspace shareholders about 22%, according to both outlets. Bisnow reported the deal is expected to close in the fourth quarter of 2026, pending shareholder approval. This transaction is unrelated to AHR's senior housing acquisition but reflects separate consolidation activity reported the same week in the broader real estate sector.