Welltower Inc., a REIT headquartered in Toledo, is under contract to acquire a portfolio of 25 purpose-built active adult communities for $969 million from Affinity Living Communities. Welltower and Affinity, a developer and operator of age-targeted housing, will also enter into a long-term strategic partnership.

Welltower assumed $523 million of debt from the seller with an interest rate of 3.8 percent and a nine-year weighted average maturity. The majority of the portfolio’s nearly 3,900 units are located in the Pacific Northwest. Affinity communities typically feature over 30,000 square feet of amenity space, more than the industry average.

The acquisition is part of Welltower’s plans to scale the geographic reach of its Wellness Housing portfolio into markets with a projected 5-year 55+ population growth more than 2.5 times higher than the U.S. average. Shankh Mitra, Welltower’s CEO, said, “Our Wellness Housing portfolio helps address the significant and growing unmet demand for wellness focused rental housing for seniors. 

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