An affiliate of Healthpeak Properties acquired two senior living communities in Cobb County for $240 million, according to a March 27 announcement. The properties at 3171 Dallas Highway in West Cobb and 4220 Lower Roswell Road in East Cobb were part of a larger five-property, multi-state transaction connected to the launch of Janus Living, Healthpeak’s new senior housing real estate investment trust.
The acquisition comes as Janus Living begins operations following its initial public offering that raised $878 million in net proceeds. The REIT now starts with a portfolio of 34 communities totaling about 10,400 units. Company leaders say the move is aimed at addressing growing demand for senior housing as demographic shifts increase the population over age 80 in Sun Belt markets such as Atlanta, Houston, and Orlando.
The deal includes Sterling Estates properties in both West and East Cobb. These communities are described as newer construction with large campuses and have reportedly maintained occupancy rates above 90 percent due to their amenity-focused design and emphasis on wellness.
According to recent securities filings from Janus Living, projections indicate that the population over age 80 could rise by up to 42 percent between 2024 and 2029 in these regions. This surge is expected to drive further demand for senior living facilities even as development pipelines slow because of higher construction costs and financing difficulties.
The sellers were affiliates tied to a local ownership group led by Nathan Madigan who had managed the properties for several years. Following its IPO, Healthpeak remains the majority owner of Janus Living, which was valued at nearly $6 billion.
