Chiron Real Estate, a healthcare-focused real estate investment trust (REIT), announced that it has completed the acquisition of The Landing and The Riviera, two senior living communities in the Washington, D.C. metropolitan area, for a combined purchase price of approximately $249 million.
The transaction marks Chiron’s entry into the seniors housing operating property (SHOP) sector and represents a significant step in the company’s long-term growth strategy. The properties were acquired from affiliates of Silverstone Senior Living and will be operated as a unified campus.
Together, The Landing and The Riviera comprise 292 residences, including 169 independent living units, 89 assisted living units, and 34 memory care units. The neighboring communities are expected to benefit from integrated operations designed to enhance the resident experience.
As part of the transaction, Chiron entered into a management agreement with an affiliate of Greystone Communities, which will continue overseeing day-to-day operations. The company also signed a consulting agreement with an affiliate of Silverstone Senior Living to provide operational oversight and support.
The acquisition was financed through a combination of cash on hand, borrowings under Chiron’s revolving credit facility, and proceeds from a recently secured strategic equity investment led by affiliates of Maewyn Capital Partners.
Following the acquisition, SHOP investments account for approximately 14% of Chiron’s gross real estate assets. The company noted that, assuming completion of its previously announced acquisition of The Pinnacle in North Bethesda, Maryland, and the disposition of approximately $200 million of non-core assets, SHOP exposure would increase to roughly 25% of its portfolio.
The Pinnacle acquisition, valued at approximately $176 million, is expected to close during the fourth quarter, subject to customary closing conditions. Chiron believes the newly developed luxury senior housing community has the potential to become one of the leading senior living properties in the greater Washington, D.C. region.
The company said it plans to continue expanding its SHOP portfolio through strategic capital recycling and the sale of non-core assets.
Chiron focuses on healthcare-related real estate investments and seeks to create value at the intersection of care delivery, capital allocation, and property ownership.
KEY QUOTES:
“Crossing the finish line on this transaction represents a significant milestone for Chiron as we successfully enter the senior housing space. The Landing and Riviera form an exceptional community in a high-barrier sub-market, and we are excited to partner with Greystone and Silverstone to deliver an elevated living experience. For our investors, we believe that this transaction exemplifies the disciplined capital deployment principles that will shape our next chapter of growth.”
Mark Decker, Jr., Chief Executive Officer, Chiron Real Estate
