Senior Housing Investments & Transactions: Griffin-American Healthcare REIT III

Vintage Senior Living Acquires Culver City, California Community 

Vintage Senior Living — a family of communities offering independent, assisted living and memory care options across Southern California, Northern California and Washington state — has acquired Grandview Palms, a senior living community in Culver City, Calif. 

The community has transitioned operations and ownership to Vintage Senior Living under the new name Vintage Grandview, according to local reports. Built in 2006, it includes capacity for up to 90 residents and offers a range of services, from light-to-moderate assistance with activities of daily living to specialized memory care. 


The purchase price was not disclosed. 

Senior Living Investment Brokerage Sells Indiana Community for $17 Million

Ryan Saul and Jeff Binder of Senior Living Investment Brokerage Inc represented the seller in the sale of GreenTree at Post Road, an Indiana assisted living and memory care facility.


Situated in the central region of the state within the Indianapolis metro, GreenTree at Post Road consists of 82 assisted living units and 42 memory care beds/units.

The assisted living wing was constructed in 1999 with a renovation in 2009; the memory care wing was constructed in 2007. The community is comprised of approximately 113,000 square feet and sits on 2.5 acres. At the time of the sale, overall occupancy was approximately 80%.

The seller is a publicly traded REIT and a regional operator. The operator, along with the REIT, sold in order to deploy equity to new development underway in other core states.

The buyer is a private, regional owner that sold their portfolio a few years ago. Having previously owned/operated in Indiana, this community is their first acquisition to re-enter the market. The new owner plans to increase occupancy by bringing in Medicaid Waiver certification and focusing on building census.

Griffin-American Healthcare REIT III Completes $340 Million in Acquisitions 

American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced recently that the REIT completed the acquisition of 19 health care properties for an aggregate purchase price of approximately $340 million.

The acquisitions comprise of 17 medical office buildings, an acute care hospital and a senior housing community.

“These latest acquisitions represent high-quality assets leased by very strong tenants and operators with whom we look forward to sharing mutually rewarding business partnerships,” said Danny Prosky, president and chief operating officer. “They also add tremendous diversification to our rapidly growing portfolio.”

Additionally, the REIT has announced that it has executed letters of intent and/or purchase and sale agreements to acquire 31 additional health care properties for an aggregate purchase price of approximately $530 million. 

“We couldn’t be more pleased with the rate at which we’re achieving size and scale in an institutional-grade portfolio while continuing to demonstrate the discipline that our stockholders have grown to expect from us,” said Jeff Hanson, chairman and CEO. “We began acquiring properties in June 2014 and are on the cusp of owning a portfolio valued at nearly $1.0 billion (based on aggregate acquisition price, including pending acquisitions).” 

Griffin-American Healthcare REIT III’s most recent acquisitions include: 

Southlake Hospital, a 70-bed acute care hospital that consists of 142,000 square feet and 10.6 acres in Southlake, Texas. 

It was acquired from South Texas Medical Development, LP, an unaffiliated third party represented by Marty Cohan of Marcus & Milichap.

Mount Olympia Medical Office Building Portfolio, a three-building portfolio (with locations in Mount Dora, Fla., Olympia Fields, Ill., and Columbus, Ohio) that totals approximately 53,000 square feet and is currently 97% leased to multiple tenants. The weighted average remaining lease term within the portfolio is approximately 9 years. 

Mount Olympia Medical Office Building Portfolio was acquired from IRA Mt. Carmel LLC, IRA Mt. Dora LLC and IRA Holdings II LLC, unaffiliated third parties represented by Lee Asher and Chris Bodnar of CBRE.

East Texas Medical Office Building Portfolio, a nine-building, 393,000-square-foot portfolio consisting of multi- and single-tenant medical office buildings located in Longview & Marshall, Texas. 

The portfolio was acquired from Good Shepherd Health System, an unaffiliated third party represented by Sean Tu of Cain Brothers. 

Premier Medical Office Building, located in Novi, Mich., is 45,000 square feet and 92% leased to 14 tenants. Approximately 61% of the building is leased through November 2021, while the weighted average remaining lease term is approximately 5.7 years. 

The building was acquired from Affiliated Investors LLC, an unaffiliated third party represented by Barry Swatsenbarg and Rich Deptula of Friedman Integrated Real Estate Solutions. 

Springdale Assisted Living Facility, located in Springdale, Ark., is a one-story, approximately 53,000-square-foot senior housing community comprised of 76 units. 

The community was acquired from Providence Management LLC, an unaffiliated third party represented by Dan Revie of Ziegler and Companies Inc. 

Independence Medical Office Building Portfolio, a four-building, approximately 378,000-square-foot portfolio — with locations in Verona and Morristown, N.J.; Somerville, Mass.; and Southgate, Ky. —is currently 96% leased to more than 70 tenants.

The portfolio was acquired from Kadima Medical Properties LLC, an unaffiliated third party represented by Steve Hall of HealthAmerica Realty Group.

Griffin-American Healthcare REIT III completed the acquisitions using cash-on-hand, as well as the assumption of a loan totaling approximately $8 million tied to Premier Medical Office Building. Including these acquisitions, the Griffin-American Healthcare REIT III portfolio is comprised of 29 buildings diversified across 14 states, representing an aggregate purchase price of approximately $393 million. 

Marcus & Millichap Company Closes Nearly $1 Billion in Properties

Institutional Property Advisors, a Marcus & Millichap company, has closed on four properties in the past 45 days, totaling $93,925,000.

Located in Salt Lake City, Utah, Lakeside Village is an independent living community with 144 units. The sale price was $12,125,000. 

The Aurora Senior Living portfolio comprised five skilled nursing facilities with 852 total beds, located throughout Connecticut. The sale price was $58 million. 

Dunkirk, New York-based Chautauqua County Home is a 216-bed skilled nursing facility located on an approximately 30-acre site. The sale price was $16 million. 

Finally, The Villages of Orleans Health & Rehabilitation Center in Albion, N.Y., includes 120 beds and sold for $7.8 million. 

American House Acqiures West Michigan ILF 

American House Senior Living Communities has continued to expand with the purchase of a west Michigan independent living community for an undisclosed amount. 

Lloyd’s Bayou in Spring Lake, Mich., has 111 one- and two-bedroom independent living apartments and was previously owned by The Jones Financial Cos. LLLP of St. Louis, Mo., according to local reports

The rebranded American House Lloyd’s Bayou will undergo renovations that include adding an Anytime Café, expanding the community dining room, renovating the wellness center and adding a multipurpose room that can be used for things such as movies or religious services.

A grand reopening is expected in spring 2016.

Athenahealth Targets Inpatient EHR Market With Latest Acquisition

Athenahealth (NASDAQ: ATHN) — which provides physician practices with online practice management and electronic medical record services — has officially entered the inpatient EHR market by announcing that it will acquire RazorInsights, a Kennesaw, Georgia-based vendor of EHR and management technology for rural, critical access and community hospitals. The purchase price was not disclosed, local reports indicate. 

“With RazorInsights, Athenahealth will immediately be injected into the inpatient care environment; this is a natural extension for our cloud-based services, will tremendously grow our network knowledge and will accelerate our introduction of results-oriented, inpatient solutions that hospitals can confidently invest in and demand accountability from,” Athenahealth CEO Jonathan Bush said in a press release. 

Illinois Company Buys Minnesota Nursing Home for $3.5 Million

Pritok Capital of Skokie, Ill., purchased Maple Manor Health Care and Rehabilitation located in Rochester, Minn., for $3.5 million, according to reports. Pritok now owns seven small senior housing communities across the country.

Pat Blum, whose family had owned the community since its doors opened in late 1964, retired after 36 years as an administrator. 

A new administrator, Karl Swedberg, took the reins last week. 

Written by Emily Study

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