American Realty Capital has agreed to purchase a nine-property portfolio of assisted living communities and development land for a total of $143 million
The eight communities and one development parcel are all based in the southeast, spanning three communities in Georgia; three in Florida; and one in each North Carolina and Tennessee. The development parcel is located in Decatur, Georgia. Occupancy among the communities is approximately 93%.
The properties comprise 640 total including 453 assisted living units and 187 memory care units; on average, the properties are 15 years old. They include Arbor Terrace of Athens, Arbor Terrace at Cascade and Arbor Terrace of Decatur in Georgia; Barrington Terrace of Fort Myers, Arbor Terrace of Largo and Barrington Terrace of Naples in Florida; Arbor Terrace of Knoxville in Tennessee; and Arbor Terrace of Asheville in North Carolina.
The portfolio purchase from an undisclosed seller was arranged by Cassidy Turley Executive Managing Director Allen McMurtry, Cassidy Turley announced Tuesday.
McMurtry represented an institutional investor the disposition of the portfolio for which a manager will be kept in-place by ARC.
ARC, which sponsors several public non-traded real estate securities offerings, has previously purchased two assisted living communities located in Georgia and South Carolina for nearly $28 million in a transaction announced in August. Those communities were purchased from Principal Senior Living Group, which has continued to provide management services for the communities.
Written by Elizabeth Ecker