National Health Investors continues to grow at a steady pace. In the last 10 months, the REIT has publicly announced seven transactions, comprising 43 senior care or seniors housing properties. Just last month, NHI acquired five seniors housing communities operated by Senior Living Management. Now, it is purchasing two assisted living/memory care communities in North Carolina and entering into a new operating relationship at the same time. The adjacent communities are located in the town of Hendersonville (about 20 miles south of Asheville), with one being built in 1999 with 26 AL and 13 MC units, and the second opening in 2002 with 47 AL units. NHI funded the transaction with borrowings from its revolving credit facility, and also received a purchase option on a third building in the Raleigh/Durham market.
Ravn Senior Solutions will step in as operator under a new 15-year lease, with an annual lease rate of 7.35% and annual fixed escalators. While the operating relationship is new, Ravn’s founding principals are far from debutants to the industry. Its management team of Steve Morton (co-founder of Southern Assisted Living, Inc. and former CEO of Bell Senior Living), Ted Turner (formerly of Five Star Senior Living), Patti Jones and Arick Morton (also formerly of Southern Assisted Living) combine for over 85 years of experience in senior living management. That experience should help as Ravn hopes to grow in the next few years.