MANAMA: Arcapita, a global investment management firm, announced Wednesday the sale of a real estate portfolio of senior care communities with over 16 facilities and approximately 4,000 residential units located across the United States. The portfolio was sold to NorthStar Healthcare Income, Inc., a real estate investment trust (REIT), for a transaction value of approximately $640 million.

The properties are one of the largest standalone portfolios of continuing care retirement communities in the United States. The majority of the facilities are full-service communities that offer a mix of independent living, assisted living, Alzheimer’s care and skilled nursing care. The portfolio is managed by Watermark Retirement Communities, Inc.