Welltower Inc. HCN and the New York office of Hines, the international real estate firm, have acquired a midtown Manhattan site for developing a seniors housing and memory care community. The terms of the transaction were not disclosed.The companies plan to demolish the present commercial structures in order to come up with a 15-story senior living community with retail at the base. The design and development plans of the community are currently under progress and revelations about them are slated to come up later.Notably, the Manhattan market has a dearth of facilities for senior population requiring assisted living and memory care services. And with an ageing demographic, the acquisition of this site and the decision to come up with a seniors housing and memory care community seems a strategic fit.For Welltower, the partnership with Hines, which is a privately owned global real estate investment firm, is beneficial. Being founded in 1957, the firm has vast experience with $89.1 billion of assets under management. Moreover, Hines has presence in 182 cities in 20 countries.On the other hand, Welltower is a notable name in the healthcare real estate investment trust (REIT) industry. Headquartered in Toledo, OH, this S&P 500 constituent owns over 1,400 properties in major, high-growth markets in the United States, Canada and the United Kingdom. Its properties include seniors housing and post-acute communities and outpatient medical properties.Nevertheless, though a diversified portfolio and strategic investments might prove beneficial going forward, any rise in interest rate and intense competition can limit its growth momentum in the near term.Welltower currently has a Zacks Rank #4 (Sell). Investors interested in the REIT industry may consider stocks like Mack-Cali Realty Corp. CLI, Prologis, Inc. PLD and Public Storage PSA. Each of these stocks has a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PROLOGIS INC (PLD): Free Stock Analysis Report PUBLIC STORAGE (PSA): Free Stock Analysis Report WELLTOWER INC (HCN): Free Stock Analysis Report MACK CALI CORP (CLI): Free Stock Analysis Report To read this article on Zacks.com click here.