Griffin American Goes To Wisconsin

Griffin-American Healthcare REIT IV gained a foothold in the state of Wisconsin by acquiring two senior care facilities that include independent living, assisted living and also skilled nursing beds. Located in the Madison suburbs of Waunakee and Sun Prairie, the facilities total 254 beds, with the seniors housing portion featuring 100% private pay, and the skilled nursing portion having a 67% quality mix. In addition, nearly $10 million in renovations have been completed at the properties since 2006.

Griffin-American purchased the facilities for $22.6 million, or about $89,000 per bed, and leased them to Integro Healthcare Consulting under an absolute net master lease structure through 2033, with two 10-year renewal options and annual rent escalators between 2.0% and 2.5%. William Mulligan, Nicholas Glaisner and Ashley Wilkens of Ziegler Investment Banking represented the two unaffiliated third-party sellers in the transaction.

 

 

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