JLL Advises Priority Life Care on Up to $275M Almanac Realty Seniors Housing Partnership

BOSTON, Oct. 16, 2026 – Jones Lang LaSalle Securities, LLC, part of JLL, announced that it advised Priority Life Care (PLC) on an up-to-$275 million strategic partnership with Almanac Realty to support the senior-living operator's growth in seniors housing.

The capital commitment will fund national seniors housing acquisitions and developments, as well as investments in PLC's operating platform, according to JLL.

JLL Team Led by Ted Flagg Advised Priority Life Care

JLL's team advising Priority Life Care was led by Jones Lang LaSalle Securities Senior Managing Director Ted Flagg. He partnered with Capital Markets Senior Managing Director Jay Wagner and Senior Director Tim Hosmer. JLL said its National Seniors Housing Capital Markets team collaborated on the transaction.

The firm described the arrangement as a strategic partnership. The commitment is stated as "up to" $275 million, indicating a maximum amount rather than capital necessarily funded at closing.

Almanac Realty and Priority Life Care

Almanac Real Estate, the private real estate platform of Neuberger, provides growth capital to private and public real estate companies. Originally founded in 1981 as Rothschild Realty, Almanac has committed more than $9.8 billion in capital to 60 real estate companies across North America.

Priority Life Care is a family-owned provider of senior living communities that specializes in assisted living and memory care.

PLC and Almanac have also acquired seven assisted-living and memory-care communities in Pennsylvania totaling 481 units. The communities are in smaller secondary markets, have an average age of approximately 25 years and report occupancy in the 90s.

Seniors Housing Market Context

Seniors housing fundamentals have strengthened while new supply has contracted. Investment volume reached approximately $24 billion on a rolling four-quarter basis through the end of 2025, a decade high. Occupancy reached 89.9% in primary markets and 90.0% in secondary markets in the fourth quarter of 2025, supported by 19 consecutive quarters of positive absorption.

Average seniors housing cap rates declined to 6.2% in the fourth quarter of 2025, and 85% of surveyed investors expected further declines over the following year. Monthly rents averaged $5,479, up 28.8% from pre-pandemic levels.

New construction starts were down 77% in primary markets and 62% in secondary markets from recent peaks. The sector may need more than 190,000 additional units by 2028 to meet demographic demand, and development activity has fallen to its lowest level since 2012 amid higher construction costs, expensive materials and tighter capital markets. The U.S. population aged 80 and older is projected to rise 36.6%, from 14 million to 19 million, over the next decade, compared with roughly 5% growth for the total population.

Competition for Senior-Care Assets

Industry transaction data showed 241 publicly announced senior-housing and care deals in the third quarter of 2026, including 201 U.S. transactions excluding foreign deals. Assisted living represented 58% of quarterly activity.

JLL Capital Markets provides capital solutions for real estate investors and occupiers, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory. The group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

Outlook

The Almanac Realty partnership gives Priority Life Care a source of growth equity for acquisitions and development at a time when assisted-living and memory-care occupancy and rents have risen while new construction starts remain well below prior peaks.

Sources

• JLL Newsroom: JLL advises on Priority Life Care and Almanac Realty partnership