Real estate giant Blackstone has been quietly unloading most of its senior housing properties after pandemic-era hurdles and high interest rates have led to severe losses.
The firm began selling off its senior housing portfolio, which consists of roughly 9,000 senior housing units, in 2022 through a series of one-off transactions, The Wall Street Journal first reported.
So far, Blackstone has sold roughly 70 of the 90 properties in its senior housing portfolio, and it is in talks to sell the remaining properties. The firm has lost roughly $600M on these sales.
Blackstone made a massive investment in the sector in 2016, grabbing a 64-property portfolio from…