American Healthcare REIT, Inc. (NYSE: AHR) has acquired six senior living communities from Kensington Senior Living for approximately $572 million, according to a company press release.

The six communities comprise 464 units and are part of a broader eight-community, 745-unit portfolio with an aggregate contract purchase price of approximately $873 million. The remaining two communities are under definitive purchase agreements and are expected to close in the fourth quarter of 2026, subject to specified closing conditions.

Kensington will continue operating all communities following their respective closings. The transaction brings AHR's total year-to-date investments to more than $2 billion. The company also reported an awarded investment pipeline of over $675 million, which it expects to close using equity proceeds from unsettled forward agreements.

Approximately 93% of the portfolio's units are dedicated to assisted living and memory care. Seven of the eight communities were purpose-built by Kensington. The properties are located in the Los Angeles, San Francisco Bay Area, Washington, D.C., and New York metropolitan areas.

"When we decided to pursue a transaction, our objective was not simply to maximize price," said Dave Faeder, Founding Managing Partner of Kensington Senior Living. "We were primarily seeking the best long-term strategic partner for Kensington, and we chose AHR. They were not the highest bidder."

Kensington was founded by senior housing executives with more than 30 years of industry experience and focuses on luxury, higher-acuity senior living. The acquisition was sourced through a limited-channel marketing process rather than a broadly marketed auction.

AHR is a real estate investment trust that owns and operates a portfolio of clinical healthcare real estate, including senior housing communities, skilled nursing facilities, and outpatient medical buildings in the United States, the United Kingdom, and the Isle of Man.