Before its three most recently announced deals, American Realty Capital Healthcare Trust was one of the larger buyers in the long-term care industry, averaging about $52 million per transaction since its first transaction in the sector at the end of 2012. However, it has been a different story so far in 2015, with the REIT averaging about $13 million per transaction. The three recent deals highlight this possible shift even more so, including $10.2 million, or $255,000 per unit, for a 40-unit memory care community in Brookings, Oregon, $4.8 million, or $97,450 per unit, for a 49-unit assisted living community in Richmond, Kentucky, and $6 million, or $206,900 per unit, for a 29-unit memory care community in Cudahy, Wisconsin. Approximate cap rates ranged from 7.2% for the Oregon property, to 8.9% for the Kentucky community, to 9.5% for the Wisconsin deal. Two of the properties were fully occupied with waiting lists, and the other had a 95% occupancy rate, not too shabby either. Plus, all operated on around 30% margins. So the quality of the acquired communities hasn’t diminished for ARC, just the size.