Healthcare real estate investment trust Sentio Healthcare Properties recently acquired a four-property portfolio of assisted living communities located in Illinois and Texas for $49 million. The acquisition is structured as a joint venture with an affiliate of Vancouver, Wash.-based JEA Senior Living, which will continue to operate the communities on behalf of the venture.
The Leah Bay portfolio has a total of approximately 130,800 square feet, with 264 beds in 152 units, all of which are dedicated to memory care. Each community is approximately 32,600 square feet, with 38 units accommodating 66 beds.
Three of the properties are located in Illinois, in Springfield, Urbana, and Normal. The fourth is in Bryan, Tex.
“These properties are an excellent fit for Sentio Healthcare’s acquisition strategy” said John Mark Ramsey, president and CEO of Sentio Healthcare Properties, in a statement. “We are intentional about acquiring properties that are accretive to shareholder value and support our investor distributions.”
Written by Alyssa Gerace