Senior Housing Investments & Acquisitions (10/2/13)

NHI Buys Senior Living Campus for $12 Million 

National Health Investors, Inc. (NYSE: NHI) announced last week a $12 million acquisition of a 120-unit retirement community in Rainbow City, Ala.

Built in 2003, the Regency Point Retirement Community contains 72 rental independent living units, 36 assisted living units and 12 memory care units, altogether having a current occupancy rate of 87%. 


Discovery Senior Living, the property’s new manager, is leasing the community for an initial 15-year term with options to extend. Annual rental income to NHI is expected to be $942,000 plus fixed escalators.

Additionally, NHI has also committed a $2.5 million second mortgage loan to Discovery for the construction of a new senior living campus in Naples, Florida. The loan requires interest-only monthly payments at an annual rate of 12% and matures in five years. —Jason Oliva

Ventas Buys Senior Living Community from Fortress for $15.4 Million


A Ventas (NYSE:VTR) affiliate recently purchased a senior housing community located in Manchester, Conn. from Fortress Investment Group for $15.4 million, reports The Hartford Courant.

New York City-based Fortress Investment Group, LLC sold the independent living community to Ventas White Oaks LLC of Louisville, according to town records.

The senior housing complex was built in 2006 and will continue to be managed by Holiday Retirement, according to spokesman Jamison Gosselin.

White Oaks offers amenities to residents that include dining services, housekeeping, transportation, and activities programs. —Alyssa Gerace

Commonwealth Assisted Living Buys Va. Community

Commonwealth Assisted Living, LLC recently announced that affiliates of the Charlottesville, Va.-based company have acquired an assisted living community in South Boston, Va. for an undisclosed price, along with an adjacent two-acre parcel of land. 

“We are delighted to continue to add quality acquisitions to our family of Virginia assisted living communities and are excited to have the opportunity to serve the residents of South Boston and the surrounding area,” said Richard Brewer, president and CEO of Commonwealth, in a statement. 

Somerset Assisted Living is a 36-unit, 55-bed community that was built in 1998. It has been renamed to Commonwealth Assisted Living at South Boston.

Commonwealth plans to update the community and will also build a memory care wing on the adjacent property. The company now has 18 senior living communities throughout Virginia. —AG

Aviv REIT Acquires Four Indiana and Ohio Properties for $36 Million

Aviv REIT, Inc. (NYSE: AVIV) announced Tuesday that it has acquired four post-acute and long-term care skilled nursing facilities in Ohio and Indiana for $35.9 million.

The properties are triple-net leased to existing Aviv operator, Diversicare Healthcare Services, who operates 47 skilled nursing facilities and assisted living properties in nine states. Aviv has now closed three transactions with Diversicare totaling $55 million in the past year. 

The triple-net lease has an initial cash yield of 10%, initial lease term of 15 years and annual compounded escalators based on CPI. 

“This transaction is strategic because we have further grown our relationship with Diversicare, further diversified our presence in Ohio and further diversified the portfolio,” said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. “We will continue to grow in a disciplined fashion by consistently focusing on the quality of the operators and real estate, and the strength of the markets.” —JO

Validus Senior Living to Manage Luxury Florida Retirement Community

Validus Senior Living, a southeastern U.S. provider of senior living services, has been awarded the contract to provide management services for a proposed luxury retirement community to be located in Florida. 

Campo Felice Senior Living, will feature 323 luxury apartments with amenities that include a two pools, a movie theater, a 200-plus seat restaurant, beauty and barber salons, pet concierge located in Fort Meyers, Fla. 

The agreement is the most recent example of Validus’ strategic growth plan to expand its senior living services throughout the southeast and beyond.

Recently, the company completed an agreement to acquire two memory care facilities located in St. Petersburg and Bradenton.—JO

Assisted Living Community Sells for $11.8 Million

Senior Living Investment Brokerage, Inc. announced monday it has facilitated the sale of Peachtree Plantation, a personal care home located in Oakwood, Georgia, for $11.75 million. 

Established in 1998, Peachtree underwent extensive renovations in 2008, and the facility’s occupancy and financial profile have stayed relatively stable over the past twelve months.

Neither the buyer nor the seller were disclosed.—JO

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