Summit Acquires Assisted Living and Memory Care Community for $13 Million
Summit Healthcare REIT, Inc. announced that it acquired a 90-bed assisted living and memory care facility in Chandler, Arizona, for $13.4 million. The community will be leased to Compass Senior Living, a Eugene, Oregon-based operator who leases six other facilities owned by Summit.
The community, Pennington Gardens Assisted Living and Memory Car,e was built in 2000 and had 87% occupancy at the time of the sale. It has previously been managed as a standalone, not-for-profit.
The acquisition was made through Summit Chandler, LLC, a subsidiary of Summit Healthcare. Pennington Gardens was represented by Heavenrich & Company. The transaction was managed by Brian Clark, senior director at Heavenrich & Company’s Denver office.
Civitas Transitions From Management to Ownership of Texas Senior Living Community
In April, Civitas Senior Living started managing Oyster Creek Assisted Living and Memory Care in Missouri City, Texas. Now, the Texas-based senior living management and consulting company has taken ownership of the property, according to a press release.
The 87-unit community features assisted living apartments in three different floor plan options. The memory care community offers a few different housing options, including private rooms, studios, one bedroom apartments and companion suites.
CareTrust REIT Purchases Minnesota Memory Care Community for $7.8 Million
CareTrust REIT, Inc. (Nasdaq: CTRE) acquired a 30-unit high-acuity memory care community in White Bear Lake, Minnesota, a suburb of Minneapolis.
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The $7.8 million transaction was a sale-leaseback, with the Memory Care Cottages in White Bear Lake added to CareTrust’s existing master lease with Prelude Home & Services, LLC, which constructed and operates the facility, according to a press release.
The acquisition will generate additional annual cash rent of approximately $0.64 million for CareTrust, an initial cash yield of 8.2%.
The self-administered, publicly traded real estate investment trust (REIT) has 164 net-leased health care properties and three operated senior housing properties in 23 states.
Memory Care Facility Changes Hands in Portland, Oregon
Senior Living Investment Brokerage facilitated the sale of the Tabor Crest II memory care facility in Portland, Oregon. The property was purchased by an affiliate of Granite Investment Group for $7 million, according to the closing sheet.
The facility, built in 2016, has 30 memory care units and occupies just under 14,000 square feet. It sits on nearly a half an acre of land.
The buyer hired Avalon Health Care Group to manage the facility.
The purchase of Tabor Crest II marks the buyer’s second acquisition in Oregon. It plans to continue to acquire in the state, the closing sheet states.
Jason Punzel and Brad Goodwill of Senior Living Investment Brokerage, Inc. handled the transaction.
Written by Elizabeth Jakaitis