Health Care REIT Acquires 3 Fla. Assisted Living Communities for $65 Million

Health Care REIT Inc. (NYSE:HCN) recently purchased three Florida assisted living facilities from Royal Senior Care LLC for $64.6 million, report the South Florida Business Journal and the Jacksonville Business Journal.

The Sunrise Atrium was bought for $31.54 million by HCN affiliate HCRIX Royal from RSC Atrium. The 160-unit community is located on 2.3 acres in Boca Raton.

In a separate transaction, Royal Senior Care sold Presidential Place to HCN for $11.56 million. This community has 100 units and is located in Hollywood, Fla.

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RSC Ashford Court LLC, based in North Miami Beach, sold Ashford Court Assisted Living in Jacksonville Beach to the Toledo, Ohio-based REIT for $21.5 million. The community has 101 rooms and was built in 1999. 

In its second quarter earnings report, HCN announced an approximately $854 million pipeline for more senior housing acquisitions. It recently paid about $845 million to acquire Sunrise Senior Living, including 20 wholly-owned communities and an average 28% interest in 105 joint venture properties with the option of acquiring 100% interest in many of the joint ventures. 

Written by Alyssa Gerace

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