Neuberger Berman's Almanac and Priority Life Care Buy Seven-Property Pennsylvania Seniors Housing Portfolio From ValStone Partners

PHILADELPHIA, Oct. 15, 2026 — A joint venture between Almanac Realty Investors, part of the Neuberger platform, and Priority Life Care has acquired a seven-community seniors housing portfolio in Pennsylvania from ValStone Partners, JLL Capital Markets announced today. JLL also arranged a five-year acquisition loan for the buyer through a regional lender.

The Pennsylvania Portfolio comprises seven assisted living and memory care communities totaling 479 units, according to JLL. The firm's National Senior Housing team represented ValStone Partners, the portfolio's longtime owner, in the sale.

Deal Structure and Parties

The buyer is a joint venture between Almanac Realty Investors and Priority Life Care. Almanac Real Estate is the private real estate platform of Neuberger. Priority Life Care is a family-owned provider of senior living communities that specializes in assisted living and memory care.

JLL Capital Markets represented the seller and also arranged the buyer's acquisition financing, a five-year loan from a regional lender.

ValStone Partners is a private equity investment firm based in Birmingham, Michigan, and Baltimore, Maryland. It focuses on alternative investments, including direct real estate and commercial real estate loans across asset classes that include senior housing. Since its inception in 1998, the company has completed transactions with an aggregate stated value of more than $1.2 billion, according to JLL.

Portfolio Profile: 479 Units Across Pennsylvania

The seven communities are located across Pennsylvania in suburban Philadelphia, Harrisburg, York and Erie markets. The portfolio is 100% private-pay and market-rate. The communities average a 1999 vintage and have received more than $8.8 million in capital improvements since 2020, according to JLL, which said the spending enhanced quality, functionality and resident experience while minimizing near-term capital needs. That equates to roughly $18,400 per unit across the 479 units.

The communities were previously operated by IntegraCare, a regional senior living operator with a track record across Pennsylvania, Maryland and Virginia. JLL said the portfolio was operating with excellent margins and occupancy levels at the time of sale.

IntegraCare's public listings for its Pennsylvania communities include properties in Wallingford, Exton, Glen Mills, York, Erie, Willow Grove and Camp Hill, which align with the portfolio's geography and service profile.

Amenities across the properties include restaurant-style dining, fitness centers, a theater, beauty salon, library and reading room, outdoor terraces or patios, community transportation, and a calendar of social, religious, recreational and educational programming.

Market Context for Seniors Housing

The transaction comes as seniors housing fundamentals have improved nationally. Sector average occupancy has recently exceeded 90%, while Brookdale's consolidated weighted-average occupancy reached 83.0% in August 2026 after several years of improvement.

The portfolio's private-pay, market-rate revenue model avoids the reimbursement exposure associated with Medicaid-heavy facilities. Priority Life Care has grown its platform to 73 properties and 14 capital partners, making the Pennsylvania purchase part of a broader operator-and-capital-partner growth model.

The portfolio's 1999 average vintage places it between newer institutional supply and older product, and the completed capital program and amenity package are positioned to maintain competitiveness without a full redevelopment.

About the Firms

Almanac Real Estate was originally founded in 1981 under the name Rothschild Realty. It partners with established owner-operators across real estate sectors and has committed more than $9.8 billion in capital to 60 real estate companies, both private and public, throughout North America, according to the announcement.

JLL (NYSE: JLL) reported annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

Outlook

With the closing, the Almanac and Priority Life Care joint venture takes ownership of a stabilized, private-pay portfolio that has seen recent capital investment. The deal adds to Priority Life Care's growing platform of senior living communities and reflects continued investor interest in assisted living and memory care assets in Pennsylvania.

Sources

JLL Newsroom: JLL arranges sale and financing of Pennsylvania seniors housing portfolio