Griffin-American Buys CCRC Portfolio in $300M RIDEA Deal

Griffin-American Healthcare REIT II has acquired four continuing care retirement communities located in the Midwest from West Loop Holdings, LLC in a RIDEA-structured deal.

The purchase price was about $300 million, according to unnamed sources close to the deal. The involved parties did not disclose the purchase price in documents filed with the Securities and Exchange Commission. 

Cushman and Wakefield represented the sellers of the portfolio, which included GE Capital Healthcare Financial Services, KMF Senior Housing Investors, and Senior Lifestyle Corp. Chicago-based Senior Lifestyle Corp. is the current operator and will continue to manage the four CCRCs. 

Advertisement

The rental communities are located in Colorado Springs, Colo., Lincolnwood, Ill., and Cincinnati, Ohio and have a total of 1,209 units. Included in the portfolio are 785 independent living units, 242 assisted living units, 45 memory care units, and 137 skilled nursing units. The portfolio was 95% leased at time of sale. 

The four properties were developed between 1986 and 2000 and underwent significant renovation in the mid-2000s, according to Griffin-American, with more than $11.1 million in capital improvements completed since 2008. 

Richard Swartz, Jay Wagner, Aaron Rosenzweig, Stuart Kim, and Timothy Hosmer of Cushman & Wakefield represented West Loop Holdings LLC in the transaction. 

Griffin-American Healthcare REIT II closed a $472 million acquisition of 44 senior housing properties located throughout the United Kingdom in September 2013. The REIT also recently reported completing $541 million of acquisitions in December for a total of $1.5 billion in 2013. 

Written by Alyssa Gerace

Companies featured in this article:

, , ,