Berkshire teaming with developer/owner of senior communities on West Coast
By John B. Mugford
In a classic example of an institutional investor teaming up with a firm that focuses on the development, ownership and operations of projects in specific real estate sectors, Boston-based Berkshire Group recently announced the formation of a partnership with Newport Beach, Calif.-based Clearwater Senior Living (CSL).
The Berkshire/CSL JV expects the initial equity commitment to generate more than $500 million in gross asset value in properties in the western part of the country, with the potential for more if and when the market allows. The platform plans to seek joint venture (JV) opportunities with third-party institutional investors.
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