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.
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