Senior Housing Investments & Acquisitions: NHI, Summit Healthcare REIT

Sagora Senior Living Acquires Texas Community 

Fort Worth, Texas-based The Covenant Group and its affiliate Sagora Senior Living have recently acquired the retirement community University Place in Abilene, Texas, for an undisclosed amount.

The community is comprised of 124 total independent living units. Sagora Senior Living will be redesigning the community’s interior and starting several new community programs in the coming months.


Sagora Senior Living currently owns independent living, assisted living and memory care communities in Texas, Oklahoma, Florida and Alabama.

NHI Acquires Ohio Assisted Living and Memory Care Community for $18.1 Million

National Health Investors (NYSE: NHI) has announced that its NHI-Bickford Senior Living joint venture acquired a 101-unit assisted living and memory care community in Middleton, Ohio, for $18.1 million.


The transaction consists of $8.55 million in cash and the assumption of $9.55 million HUD-secured debt with an interest rate of 2.9% inclusive of the mortgage insurance premium. The facility will be leased to the joint venture under terms structured to comply with RIDEA provisions. The community was valued at an 8.7% capitalization rate on its trailing net operating income performance.

Built in 2010, the community is 91% occupied, primarily private-pay backed and generates approximately $3,500 revenue per unit per month. Operations will be managed by Bickford Senior Living. This acquisition expands the NHI-Bickford Senior Living joint venture to 31 communities in six states.

The purchase was funded with borrowings on NHI’s revolving credit facility.

Senior Living Investment Brokerage Facilitates $4.5 Million Sale of Texas Skilled Nursing Facility

Senior Living Investment Brokerage, Inc. has announced it sold a skilled nursing facility located in Lufkin, Texas, for $4.5 million.

The 54,000-square-foot facility, The Grace Care Center of Lufkin, consists of 145 beds, and sits on more than 5 acres of land.

The property has maintained a census around 65% for the past couple of years. The new operator should be able to improve on the census, payor mix and profit margins, the brokerage says.

An Oklahoma real estate owner purchased the facility, and a Fort Worth, Texas-based operator, which already operates in the town, will be taking over the management of the facility. The new owner plans to invest $1 million in capital improvements in the first year.

“The Lufkin transaction allowed for the outgoing operator to move away from a non-care market,” said Matthew Alley, Senior Living Investment Brokerage Managing Director.

Maryland Senior Housing Community Sold 

Cassidy Turley, a commercial real estate services provider in the U.S., has arranged the sale of Gull Creek Senior Living Community in Berlin, Md., for an undisclosed amount.

The community includes 86 units comprised of 39 independent living, 37 assisted living and 10 memory care.

Cassidy Turley represented the seller in its disposition of the community. The buyer was an affiliate of WMD Asset Management, LLC, a national leader in whole loan, mortgage-backed securities, and real estate investing.

Summit Healthcare REIT Acquires Skilled Nursing Facility for $4.2 Million

Summit Healthcare REIT, Inc. announced recently that it has acquired a 55-bed skilled nursing facility in Myrtle Point, Ore., for approximately $4.2 million.

The 18,105-square-foot facility will be operated by and leased to Dakavia Management Corp. pursuant to a 15-year triple-net lease. Dakavia has more than 20 years of experience in the skilled nursing industry and operates five other facilities in Summit’s portfolio.

“Dakavia continues to prove a valuable partner in our strategic growth efforts,” said Kent Eikanas, president and chief operating officer of Summit Healthcare REIT, Inc. “We are excited to see our relationship with Dakavia expand, and we look forward to additional opportunities in the future.”

Written by Emily Study

Companies featured in this article:

, , , , , ,