Earlier this week, we highlighted White Oak Healthcare REIT’s acquisition of four senior living properties in Arkansas (2), Florida and Pennsylvania, but the REIT’s recent run of activity doesn’t end there. White Oak also acquired two senior living communities in Loganville and Conyers, Georgia. Both considered to be value-add investments, the properties were built in the 1990s and total 156 independent living, 140 assisted living and 32 memory care units. They were operated by Senior Lifestyle and owned by an undisclosed private equity group, which hired Mike Garbers and Cody Tremper of JLL Capital Markets to market and sell the properties.
White Oak’s joint venture partner on the deal, Phoenix Senior Living, will look to use its extensive experience operating in the state of Georgia to improve the communities’ performance. White Oak will also invest a substantial amount of capex to refresh and rebrand the properties and to convert a number of units to memory care.
