Toledo, Ohio-based Health Care REIT (NYSE:HCN) recently acquired Magnolia Glen, a retirement community in Raleigh, N.C., for $59.96 million, reports the News & Observer.
The property was sold by Kisco Senior Living, based in Carlsbad, Calif. The community has independent living cottages and apartments and was built in 2002.
“The deal is further proof that investors expect the Triangle to continue to be a magnet for retirees in coming years,” says the article. “With few new developments under construction because of the economy, demand for space in existing facilities is likely to increase in the near-term.”
Health Care REIT has been on an M&A spree in the last few weeks after announcing during the second quarter earnings period that it had an approximately $854 million senior housing acquisition pipeline in the third quarter.
Shortly thereafter, the REIT announced the acquisition of Sunrise Senior Living (NYSE:SRZ) for $14.50 per share, and has since purchased several senior communities from Royal Senior Care, LLC, a subsidiary of multi-national real estate company Gazit-Globe.
Written by Alyssa Gerace