Public Companies Trade Assisted Living Portfolio

National Health Investors purchased from LTC Properties a portfolio of four assisted living communities and an AL/memory care community in Pennsylvania and Ohio for $67.5 million, or $210,900 per unit.

Known as the Sunrise Portfolio, these communities will now be operated by Bickford Senior Living at an initial rate of 6.85% with annual fixed escalators and a 15-year maturity. Rental revenue under the lease for the four months ended April 30, 2018 was approximately $1.5 million. The properties, located in Columbus and Cleveland, Ohio and Erie, Pennsylvania, are also due to receive $1.75 million in capital improvements.

KeyBanc Capital Markets Inc. and CS Capital Advisors, LLC acted as LTC’s financial advisors, while Sherry Meyerhoff Hanson Crance LLP served as LTC’s legal advisor in the transaction. NHI funded the deal with a draw on its revolving credit facility.

 

 

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