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Discount Buying Opportunities Rise As Economy Falls

Published Monday, December 22, 2008

Bad economic times can create great buying opportunities for smart seniors housing investors like Five Star Quality Care. In early December, the Newton, Mass.-based company acquired seven bankrupt seniors housing facilities owned and operated by affiliates of troubled Sunwest Management of Salem, Ore. Five Star paid $44 million for the buildings. Four properties are in North Carolina, another three are in South Carolina. The buildings include a total of 601 units, most of which are assisted living apartments. "It was an attractive deal," says Tim Bonang, director of investor relations at Five Star Quality Care.

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