The Bristal Assisted Living facility in Westbury is Ventas' latest acquisition of Long Island senior housing

The Bristal Assisted Living facility in Westbury is being purchased by a Chicago-based real estate investment trust, its sixth Bristal on Long Island.

Ventas Inc. is paying an undisclosed amount to B2K Development, the Jericho-based company that has opened 16 Bristals in Nassau and Suffolk counties. Residents of the Westbury Bristal shouldn't be impacted by the ownership change because the management company is remaining in place, officials said.

The transaction is expected to close this summer.

The sale comes as demand for senior housing on Long Island and nationwide grows as the population ages — but the number of new communities is lagging.

"Senior housing is necessary, not discretionary, but new development has not kept pace with historic demographic demand," said Arick R. Morton, CEO of NIC MAP, a provider of senior housing data based in Raleigh, North Carolina.

On Long Island, the number of people who are 65 or older climbed about 19% between 2015 and 2019 from about 423,000 to almost 505,000, according to an analysis of the latest census data by Newsday’s nextLI initiative.

Last year, Ventas bought the Bristals in Bethpage, Holtsville, Jericho, Mount Sinai and West Babylon from B2K, formerly the Engel Burman Group, and its investment partner Harrison Street Asset Management, also based in Chicago.

That deal, which also included the Encore Luxury Living apartments adjacent to the Jericho Bristal, totaled more than $600 million, according to an official announcement at the time.

As with last year’s transaction, the Westbury Bristal will continue to be run by Ultimate Care Assisted Living Management, a division of B2K that employs several hundred people on Long Island, said Peter L. Curry, B2K’s real estate attorney.

He added that Ultimate will have a 10-year contract with extensions to run the Westbury Bristal.

Asked why B2K is parting with some of the Bristals, company spokesman Gary Lewi said the move aligns with the owners' goals and desire to grow the business.

He also said there are no "current plans" to sell the remaining 10 Bristals on Long Island, but "if events warrant, [B2K and Harrison Street] would consider selling one or more of their properties. ... Even under that scenario they would continue to manage" the Bristals, he said Wednesday.

Last year, the Westbury Bristal received a second round of tax breaks from the Nassau County Industrial Development Agency in return for designating 20% of its 140 apartments as affordable.

Six other Bristals — Bethpage, East Northport, Holtsville, Lake Grove, Lynbrook and Sayville — also have affordable units, according to Lewi.

The Nassau IDA board had to approve the sale of the Westbury Bristal for its 15 years of tax incentives to be transferred to Ventas. The board did so last month after being told the affordable units would remain until 2040, when the tax savings end.

Ventas also has promised to spend more on facility improvements: $1.2 million, up from the $600,000 that B2K promised in return for IDA assistance. In addition, eight jobs would be created, adding to the workforce of 75 employees, according to John Farrell, Ventas’ real estate attorney.

IDA CEO Sheldon L. Shrenkel said "the significant amount of capital that the new owner plans to invest only strengthens the financial position" of the Westbury Bristal. "We also don't expect any difference in the services to the elders," he said in an interview.

Besides the Bristals, Ventas’ holdings on Long Island consist of two Sunrise Senior Living and 11 Atria Senior Living communities, based on the company's database of properties. Ventas is the second largest owner of senior housing in the country with more than 1,400 properties, according to the trade publication Senior Housing Business.

A Ventas spokesman declined to comment for this story.

Ventas CEO Debra A. Cafaro, in a conference call with stock analysts last month, said demand for senior apartments has climbed with nearly 70 million baby boomers turning 80 years old this year and the number expected to grow by nearly 30% in the next five years.

“Yet in the first quarter, senior housing construction starts totaled only about 1,500 new units and total senior housing communities under construction remained at historic lows," she said.

Experts advised those considering a move to an independent living or assisted living community to act sooner rather than later.

"Prospective residents and their families should start searching for where they want to age earlier, especially in markets where occupancy is already high," said Morton, the data executive, adding most senior housing nationwide is more than 89% full.

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.