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

Griffin-American Acquires Five-Building Portfolio Near St. Louis

American Healthcare Investors and Griffin Capital Company, the co-sponsors of Griffin-American Healthcare REIT IV, acquired the five-building SW Illinois Senior Housing Portfolio in the St. Louis metro area. The property was purchased from A&M Property Holding, an unaffiliated third party represented by Jeff Binder and Patrick Byrne of Senior Living Investment Brokerage.

The acquisition included 229 units spread across the cities of Columbia, Millstadt, Red Bud and Waterloo, Illinois.

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The purchase price for the acquisition was $31.8 million, according to an SEC filing. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America, N.A. and KeyBank, National Association.

The communities are operated by an affiliate of Compass Senior Living under a 15-year net lease with two 10-year renewal options. With SW Illinois Senior Housing Portfolio included, Compass Senior Living now owns and/or operates 19 senior housing communities in Arizona, California, Illinois, New Mexico, Oregon and Wisconsin.

Capri Senior Communities Acquires Community Near Milwaukee for $11.2 million

Capri Senior Communities, a provider based in Waukesha, Wisconsin, purchased Heritage Place Brookfield, a 90-unit senior living community in Brookfield, Wisconsin.

The purchase price for the acquisition was $11.2 million, according to Milwaukee Business News.

Capri plans to continue Hertiage’s current services and maintain its staff levels. The company also will upgrade the building, introduce new services and beef up the community’s dining program, it was reported.

NHI Buys Michigan Assisted Living Facility for $10.4 Million

National Health Investors (NYSE:NHI) has acquired a 60-unit assisted living and memory care community in Lansing, Michigan.

NHI’s initial investment was $10.4 million, plus an additional commitment of $475,000 for capital improvements, according to a press release.

The community, built in 2001, will be renovated and leased by NHI’s existing tenant, Bickford Senior Living.

PGIM Real Estate, Kisco Senior Living Team Up to Acquire California Community

PGIM Real Estate and Kisco Senior Living recently formed a joint venture to acquire and operate Byron Park, a 187-unit independent and assisted living community in Walnut Creek, California, according to a press release.

Byron Park is situated about 20 miles east of San Francisco and has 187 independent and assisted living residences. Amenities at the community include a restaurant-style dining center, a courtyard, shaded patio, greenhouse, heated swimming pool and spa, wellness program and library. Additionally, Kisco completed a $5 million renovation to the common areas and grounds last year.

PGIM Real Estate and Kisco intend to renovate the community’s apartments and expand Byron Park’s service offerings with the construction of a two-story building, which will feature 40 residences of purpose-built assisted living and memory care. When it opens, the new building will bring with it an activity room, dining room, kitchen, wellness center and courtyard. Workers are slated to break ground on that expansion in the middle of 2018.

Byron Park is PGIM Real Estate’s third joint venture partnership with Kisco Senior Living, which is slated to continue to operate and manage the community. Kisco has owned and operated Byron Park since 2012 as part of a joint venture with an investment partner that sold its stake as part of the transaction.

Oppidan Grows Senior Housing Business in Saint Paul, Minnesota

Oppidan Investment Company is expanding its footprint in senior housing.

The company purchased two senior communities in St. Paul, Minnesota—the Highlands on Graham, a 72-unit independent living community, and the Highlands at River Road, a 69-unit assisted living and memory care community, reports the Minneapolis Star Tribune. Oppidan is set to change the name of those buildings to the Highlands of St. Paul.

Oppidan entered the senior housing space about three years ago and currently has a $400 million development pipeline in the works.

Memory Care Community Changes Hands in Portland, Oregon

Tabor Crest, a memory care community in Portland, Oregon, has a new owner.

An affiliate of Granite Investment Group purchased the community and hired Avalon Health Care Group to manage it, according to a press release. The price of the transaction was not disclosed.

Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the sale.

The Ensign Group Acquires SNFs in Idaho and Utah

The Ensign Group (NASDAQ:ENSG) acquired the real estate and operations of three skilled nursing facilities and one intermediate care facility in Idaho and Utah:

  • Meadow View Nursing and Rehabilitation, a 112-bed skilled nursing facility in Nampa, Idaho;
  • Utah Valley Healthcare and Rehabilitation, a 99-bed skilled nursing facility in Provo, Utah;
  • Heritage Park Healthcare and Rehabilitation, a 115-bed skilled nursing facility in Roy, Utah; and
  • Wide Horizons Intermediate Care Facility, an 83-bed intermediate care facility for people with intellectual disabilities in Ogden, Utah.

The acquisitions closed on May 1 (Meadow View and Utah Valley) and June 1 (Heritage Park and Wide Horizons). The average occupancy rate at the time of the acquisition was 82%, according to a press release.

With the latest purchases, Ensign’s portfolio includes 216 health care facilities, 20 hospice agencies, 18 home health agencies and three home care businesses across fourteen states.

PointClickCare Partners with Information Technology Company

Electronic health record (EHR) software company PointClickCare has joined forces with information technology firm Ability Network.

The new partnership will let PointClickCare users access Ability’s Ease All-Payer workflow application without having to jump back and forth between systems, according to a press release.

Written by Tim Regan

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