Strawberry Fields REIT Invests in Indiana SNF

Strawberry Fields REIT grew its portfolio yet again, with the purchase of a 72-bed skilled nursing facility in Muncie, Indiana (Indianapolis MSA), pushing the REIT’s total SNF holdings to over 70 facilities. Strawberry Fields is no stranger to this property, having been leasing and subletting it from the previous landlord since November 2011. They picked up the property for $3.15 million, or $43,750 per unit, in an all-cash transaction.

Built in 1972, the facility was part of an Indiana county hospital UPL tie-up with Henry County Hospital and is being managed by Infinity Healthcare Management. It offers both comprehensive medical and rehabilitative therapy services, in addition to providing memory care to both short- and long-term residents. However, its census could certainly improve, currently at just 72% with a 72% Medicaid, 19% private pay/insurance and 9% Medicare mix.

 

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