NorthStar Healthcare Income

What NorthStar Healthcare Income does

NorthStar Healthcare Income, Inc. was a Maryland-incorporated, internally managed, public non-listed REIT that acquired and managed a diversified portfolio of seniors housing real estate across the United States. The company held 40 seniors housing communities encompassing independent living, assisted living, and memory care facilities, and previously held a 30% interest in Trilogy Investors, LLC — a joint venture with Griffin-American Healthcare REIT III that owned or leased 97 integrated senior healthcare campuses with over 10,000 beds across Indiana, Ohio, Kentucky, and Michigan.

The company was formed in October 2010, commenced operations in February 2013, and elected REIT taxation commencing with the year ended December 31, 2013. It raised approximately $1.1 billion through its initial public offering and financed acquisitions in part through a $300 million senior secured revolving credit facility administered by KeyBank National Association. The company distributed shares via public offerings and a distribution reinvestment plan, targeting retail and accredited individual investors alongside institutional investors seeking income-producing senior housing exposure.

In January 2025, NorthStar Healthcare entered into a definitive merger agreement to be acquired by an affiliate of Welltower Inc. — an S&P 500 seniors housing and healthcare infrastructure REIT — for approximately $900 million in an all-cash transaction at $3.03 per share, exceeding the $2.96 NAV per share reported as of June 30, 2024. Upon closing, the company's independent operating existence terminates and its properties roll into Welltower's portfolio.

Name

NorthStar Healthcare Income

Legal name

NorthStar Healthcare Income, Inc.

Website

https://northstarhealthcarereit.com

Company type

Public

Founded year

2010

Operating status

Acquired

Headcount range

1–10 employees

Short description

NorthStar Healthcare Income was an internally managed, public non-listed REIT that owned a diversified portfolio of 40 U.S. seniors housing communities (independent living, assisted living, memory care), serving individual and institutional investors. It was acquired by Welltower in 2025 for ~$900M.

Ownership category

akta.pro rank

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industries

REITs & Listed Real Estate Securities (FSAAAKAD), Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG)

Keywords

• Seniors housing REIT
• Non-listed real estate trust
• Healthcare real estate investment
• Senior living properties
• Assisted living portfolio

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Core offering

NorthStar Healthcare Income, Inc. is an internally managed, public, non-listed REIT that acquires, owns, and manages a diversified portfolio of seniors housing real estate in the United States, including independent living, assisted living, and memory care facilities. The company also held a 30% joint-venture interest in Trilogy Investors, LLC, which owned or leased 97 integrated senior healthcare campuses offering assisted living, memory care, independent living, and skilled nursing services across Indiana, Ohio, Kentucky, and Michigan. The company was formed in October 2010, commenced operations in February 2013, elected REIT taxation from December 2013, and was acquired by an affiliate of Welltower in 2025.

Product overview

NorthStar Healthcare Income is a single-asset REIT focused on seniors housing real estate investment. The company's primary offering is its diversified portfolio of seniors housing properties (independent living, assisted living, and memory care facilities) across the United States. The company was acquired by Welltower in 2025 for approximately $900 million. NorthStar Healthcare previously operated through a joint venture vehicle (30% owned) with GAHR for Trilogy Investors, which owned integrated senior healthcare campuses.

Differentiator

Problem solved

Functional benefit

Segments2 records

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Griffin-American Healthcare REIT III (GAHR)coreStrategic or Co-development PartnerNorthStar Healthcare completed a joint venture with GAHR in December 2015 to acquire Trilogy Investors, LLC. NorthStar held 30% indirect ownership while GAHR held 70%. Trilogy owned/leased 97 facilities across Indiana, Ohio, Kentucky, and Michigan with over 10,000 beds.

Scale indicators4 records

Recent moves5 records

Expansion highlights2 records

Direct peers

• CareTrust REIT: Public healthcare REIT holding seniors housing and skilled nursing triple-net assets; closely comparable operating model and tenant/operator profile to NorthStar Healthcare Income's properties.
• Diversified Healthcare Trust: Public REIT (formerly Five Star Senior Living predecessor entities) owning medical office and senior living communities managed by RMR — directly overlapping with NorthStar in seniors housing and having a similar non-listed-origin distribution history.
• National Health Investors: Public healthcare REIT that owns senior housing, skilled nursing, and medical office properties via triple-net and RIDEA structures — directly comparable in property type, lease economics, and investor offering profile to NorthStar.
• Ventas, Inc. Large-cap, publicly traded healthcare REIT with significant seniors housing exposure (operating through the Atria and others) — directly comparable in asset class (medical office, seniors housing, life sciences) and investor base to NorthStar's non-listed strategy.
• Healthpeak Properties: Public diversified healthcare REIT owning outpatient medical, life sciences, and senior housing assets; overlapping with NorthStar's senior housing segment and investment vehicle structure for institutional/retail healthcare real estate exposure.
• American Healthcare REIT: Public REIT (formed via the merger of GAHR III and Griffin-American Healthcare REIT IV) that owns seniors housing, medical office, and skilled nursing assets — directly comparable to NorthStar given the legacy GAHR III joint venture partnership in Trilogy.
• Sabra Health Care REIT: Public healthcare REIT focused on skilled nursing, senior housing, and behavioral health facilities — comparable asset class mix and tenant structure to NorthStar's portfolio.
• LTC Properties: Small-cap public healthcare REIT investing in seniors housing and skilled nursing through triple-net leases and joint ventures; closely analogous in size, business model, and target asset classes to NorthStar Healthcare Income.

Broad incumbents

• Omega Healthcare Investors: Large public healthcare REIT focused primarily on skilled nursing facilities; adjacent asset class within the healthcare real estate theme that NorthStar targets and a comparable publicly traded structure.
• Welltower Inc. S&P 500 healthcare REIT and the announced acquirer of NorthStar Healthcare Income; the largest U.S. owner-operator of seniors housing and healthcare infrastructure properties, making it the most directly comparable peer in terms of asset class, scale, and target resident population.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/northstar-healthcare-income-inc.

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NorthStar Healthcare Income