National Health Investors (NYSE:NHI) closed on a $5.4 million purchase of Willow Run Retirement Center, a private pay 60 unit assisted living community with four independent living cottages in Greensboro, GA.
As part of the transaction, NHI is renaming the property as Savannah Court of Lake Oconee, which will be leased to Senior Living Management.
“The acquisition of this stabilized private-pay assisted living community continues the execution of our selective growth plan and expands our relationship with Senior Living Management,” said Justin Hutchens, NHI’s CEO and president.
NHI paid for the property using cash and said the lease with Senior Living Management will last for a term of nine years at an initial lease rate of 8.5% plus annual fixed escalators. The Savannah Court facility expands NHI’s relationship with Senior Living Management to a total of six communities in a master lease with an initial term expiring in 2020, plus renewal options.
NHI is a healthcare real estate that invests in skilled nursing facilities, assisted living facilities, independent living facilities, and other health related properties.
Written by John Yedinak