New York – October 9, 2025 – Fortress Investment Group (“Fortress”) today announced the successful sale of three senior housing properties. The sales underscore Fortress’s ability to identify and acquire well-positioned senior housing assets, and to improve the quality of facilities and optimize performance through targeted investment programs that drive significant value for investors.
Funds managed by affiliates of Fortress (“Fortress funds”) have sold the Sonata Boca Raton and Sonata Vero Beach to a public REIT. The two properties comprise almost 180 independent living, assisted living and managed care units in a range of cottages and apartment buildings. Each property offers residents a full suite of on-site amenities including a full-service restaurant, outdoor pool, beauty salon, fitness center, art studio, library, games room, gardens and full-time concierge.
Fortress funds acquired the properties in April 2021 during the peak of the COVID-19 pandemic from a REIT that was exiting its senior housing assets. Fortress led more than $1mm of investment across the two properties over the past several years, improving interiors, refreshing building exteriors, and upgrading mechanical and life safety systems. The physical improvements were implemented alongside operational enhancements, which drove occupancy across the two properties from 75% to 97%. Financial performance of the properties significantly improved, with net operating income growing by nearly 200% and margins approximately doubling during the ownership period.
Fortress funds have sold the Inspira Arrowhead in Glendale, AZ, to a private investor. Fortress funds acquired the property in April 2024, which comprises 165 independent living, assisted living and managed care units, with on-site dining, salon and barbershop, fitness center, swimming pool, game rooms and library, movie theater, and gardens. During its 18-month ownership, Fortress drove occupancy from 89% to 94% and improved net operating income by 35%.
"These sales showcase our fundamental strategy for senior housing – a hands-on, operational-first approach to improve the quality of accommodations and facilities for residents, improving the appeal of the community, and driving stronger and more sustainable financial performance," said Peter Stone, Head of Healthcare Real Estate at Fortress. "We have honed this strategy across almost two decades of investing in senior housing and are delivering outsized returns for our investors.”
With the baby boomer generation entering their peak years of transition to senior housing and care, demand for senior housing is significantly increasing. As one of the largest non-public, non-REIT buyers of senior housing properties in the US over the past few years, Fortress seeks to bring significant and valuable experience to each of the properties in its portfolio – and continues to grow its portfolio of properties. Fortress funds have acquired 17 communities totaling over 2,500 units since 2021, with another three property acquisitions expected to close in the coming months.
Eli Edwards, Head of U.S. Real Estate Equity at Fortress, added, "Fortress’ real estate strategy focuses on situational distress where our belief in the long-term fundamentals and expertise can drive meaningful value-add for the assets we acquire. The senior housing market is a strategic focus of our real estate business, and the quality and operating experience of our team, from acquisition to asset management, has been key to our success in delivering strong returns for investors. We believe the demographic trends create a compelling, long-term buying opportunity, and we are well-positioned to continue serving the market."
Foundry Commercial and Fortress Investment Group recently announced the acquisition of the RoseWood Village Assisted Living and Memory Care communities in Charlottesville, Virginia.
JLL Capital Markets represented Fortress on the sale of all three assets. Agewell Solvere Living will continue to manage both Sonata properties; Cogir will continue to manage Inspria Arrowhead.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $53 billion of assets under management as of June 30, 2025, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. AUM refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts.