In Q1 2025, the senior housing and care sector recorded 176 publicly announced acquisitions, down 7.4% from 190 in Q4 2024 but up 13.6% from 155 in Q1 2024, per LevinPro LTC data reported by The SeniorCare Investor. Despite fewer deals, transaction value surged to $5.79 billion, a 74.9% increase from $3.31 billion in Q4 2024 and 192.4% higher than $1.98 billion in Q1 2024.

Monthly trends varied, with January’s 47 deals marking the lowest since February 2024, below the 2024 monthly average of 59 and far from 2023’s 40. February and March rebounded with 60 and 69 deals, respectively, signaling robust activity later in the quarter. Seasonal factors or a post-2024 slowdown may explain January’s dip.

By facility type, assisted living led with 41.5% of deals, followed by skilled nursing at 37.5%. Independent living made up 16%, while continuing care retirement communities (CCRCs), affordable senior apartments, and active adult deals accounted for 2%, 2%, and 1%, respectively, reflecting demand driven by aging demographics and rising occupancy.

Excluding foreign deals, the property-per-deal ratio dropped to 2.09 in Q1 2025 from 2.55 in Q4 2024 and prior quarters, suggesting a focus on smaller, high-value acquisitions rather than large portfolios.

“We did not see portfolio deals come back into the M&A market in the first quarter,” said Ben Swett, managing editor of The SeniorCare Investor. “But we hear from a variety of dealmakers, including brokers, buyers and lenders, that there are more portfolios being marketed for sale and/or are slated for closing in the second quarter.”