Care Investment Trust joint ventured with Phoenix Senior Living for the second time this year, acquiring a 68-unit assisted living/memory care community in Albany, Georgia. Built in 1999, the community was formerly owned by the Phoebe Putney Health System, a not-for-profit health network in southwest Georgia. It now brings Phoenix’s operating portfolio to eight communities across the Southeast, not including three projects currently under construction. Jay Miele and Brady Stern of Hammond Hanlon Camp LLC advised Phoebe Putney on the transaction.

Earlier this year, Care Investment Trust and Phoenix Senior Living partnered to acquired a 64-unit memory care community in Fayetteville, Georgia (about 20 miles south of Atlanta) for $11 million, or $171,875 per unit, with a 7.6% cap rate. The community had been purpose-built in 2014, but a death in the ownership group prompted the others to seek an exit from the industry.