Ventas, Inc. (NYSE: VTR) is now in the Long-Term Care record books. On August 20, the REIT announced it will pay $194 million, or $894,000 per unit, for Brookdale Senior Living‘s (NYSE: BKD) Brookdale Battery Park property. We think that’s a record per-unit price.

It was opened in 2000 at an approximate cost of $50 million. This 14-story, 240,000 square-foot independent living community overlooks the Hudson River in the Battery Park City neighborhood of Manhattan. Occupancy was in the low 90s.

The acquisition was valued below replacement cost and represents an approximately 5% going-in yield on net operating income as reported by Ventas. Brookdale will stay on as operator under a management contract with Ventas. The transaction is expected to close by year-end 2018.