The Ensign Group announced three transactions, growing in Wisconsin, Iowa and California. First, through two separate transactions on the same day, Ensign acquired the real estate and operations of Pine Crest Health and Memory Care, a 120-bed skilled nursing facility in Merrill, Wisconsin (with 70% occupancy and a 19.5% quality mix), and Crystal Heights Care Center, a 72-bed skilled nursing facility in Oskaloosa, Iowa. Subsidiaries of Standard Bearer Healthcare REIT, Ensign’s captive real estate company, acquired the real estate for both facilities, which are operated by Ensign-affiliated tenants. The Giannini Group at Marcus & Millichap handled the Merrill sale.
Also on the same day, Ensign acquired the operations of five senior care facilities in California. The acquisitions are subject to new triple net lease arrangements with affiliates of CareTrust REIT and International Equity Partners. Courtyard Health Care Center is a 112-bed skilled nursing facility in Davis, and Pacific Gardens Nursing and Rehabilitation Center is a 171-bed SNF in Fresno.
Sitting on the same campus in Modesto, Vintage Faire Residential comprises 31 assisted living units and Vintage Faire Nursing & Rehabilitation Center features 99 skilled nursing beds. Arbor Place and Arbor Rehabilitation & Nursing Center, also sitting on the same compass but in Lodi, feature 48 assisted living units and 149 skilled nursing beds, respectively. Lastly, Turlock Residential and Turlock Nursing and Rehabilitation Center offer 30 assisted living units and 144 skilled nursing beds, respectively, on the same campus in Turlock.
The management assumption also included three additional skilled nursing facilities in California: Shoreline Care Center (193 beds in Oxnard), Buena Vista Care Center (150 beds in Santa Barbara), and Huntington Park Nursing Center (99 beds in Huntington Park). They are being operated under management agreements pending certain state regulatory reviews. In total, Ensign-affiliates added over 1,200 operational beds/units to Ensign’s portfolio through the acquisition of the operations of these eight senior care facilities.
Ensign’s portfolio now comprises 361 healthcare operations, which includes 47 senior living operations, across 17 states. Ensign subsidiaries, including Standard Bearer, own 148 real estate assets.
