AHR closes $572M Kensington deal, with more acquisitions still to come

American Healthcare REIT (AHR) announced it acquired six Class A senior housing communities from Kensington Senior Living for about $572 million, forming part of an eight-property, 745-unit portfolio with a total price of roughly $873 million. The 464-unit subset is concentrated in affluent, supply-constrained markets across Los Angeles, the San Francisco Bay Area, the Washington, D.C. and New York metropolitan regions, with two remaining Kensington properties under definitive agreements expected to close in Q4 2026. Kensington will continue to operate all communities, signaling a long-term strategic partnership rather than a simple asset purchase. AHR’s leadership framed the deal as consistent with its higher-acuity senior housing strategy and described the investment as a platform for future collaborations with Kensington, including development opportunities. The move lifts AHR’s year-to-date investments above $2 billion and follows management commentary that the portfolio aligns with the firm’s aim to partner with top operators in high-barrier markets. Analysts’ coverage notes a strong growth trajectory for AHR, though some reports flag high valuations and execution risks amidopportunities in the sector.