Griffin-American Shows Its Strength In The Show-Me State
After a busy Spring growing its medical office building portfolio, Griffin-American Healthcare REIT IV jumped back into the senior care M&A market to acquire eight skilled nursing facilities in Missouri, at a price of $88.2 million, or $79,300 per bed. The portfolio, comprising 1,112 licensed beds, is well performing and will be leased under a 15-year absolute net lease with two 10-year renewal options and CPI-based rent escalators with a floor of 2% and a cap of 3%. Griffin-American also diversifies its geography and asset class with the deal. Its last senior care deal was on the small side (a $22.6 million acquisition of two Wisconsin properties announced in March 2018), but 2017 was... Read More »
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... Read More »
Griffin-American and Greystone
A month ago, we learned of a couple of large divestments by New Senior Investment Group, in a move to bring its share price up to where management believes it should be, by increasing the share of its independent living portfolio, decreasing its Holiday Retirement exposure, and reducing its concentration in the three states of Florida, Texas and California. We have also just learned that Cody Tremper and Mike Garbers of Greystone represented SNR in the transaction. Spread out across Central Florida, the portfolio consists of nine properties and were all formerly operated by Holiday Retirement. However, operations have dropped off since Holiday stopped having live-in managers at its... Read More »
Griffin-American Closes First Tranche of California Senior Portfolio Deal
Griffin-American Healthcare REIT IV closed the first of two tranches for an eight-property seniors housing acquisition in Northern California, bringing the REIT’s total to 27 medical office and seniors housing properties since its first acquisition in June 2016. Located in high-barrier-to-entry markets in California, these communities were owned by affiliates of Nazareth Healthcare, Inc. and featured 327 units of assisted living, memory care and skilled nursing.The portfolio was fully occupied, certainly adding to its appeal. Built on average 43 years ago (although with renovations since), the first tranche of properties included a 22-unit memory care community in Menlo Park, a 65-unit... Read More »Schedule a demo
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