Brookfield doubles down on Brooklyn senior living facilities – Crain’s New York Business

Brookfield Asset Management has expanded its already extensive New York portfolio, buying a senior housing facility in Brooklyn for about $36 million.

The real estate giant purchased 2211 Emmons Ave., home to Sunrise Senior Livings Sheepshead Bay location, from Healthpeak Properties, city records show.

Brookfield views the senior housing sector as a great area for real estate investment. The company has said that prices for the properties have not reached pre-pandemic levels yet. It has cited factors including demographic trends and the temporary nature of the Covid-19 pandemic as reasons why senior housing “is severely undervalued and poised for a rebound.”

The Sheepshead Bay property is at least the second Brooklyn senior housing facility Brookfield has purchased recently, following its roughly $31.1 million acquisition of Sunrise Senior Livings Mill Basin location at 5905 Strickland Ave., which it also bought from Healthpeak Properties.

The Sheepshead Bay purchase is part of a portfolio of senior housing properties that Brookfield acquired earlier in the year, according to company spokesman Andrew Brent. The firm plans to renovate the facility and work with Sunrise Senior Living to better serve residents, he said.

Representatives for Healthpeak Properties and Sunrise Senior Living did not respond to requests for comment.

Other recent deals in Brooklyn include the J&R Acquisitions purchase of an industrial site at 1301 Metropolitan Ave. in East Williamsburg for about $18.2 million and Seavest Investment Groups purchase of a medical office building at 902 Quentin Road in Midwood for about $53.8 million.