National Health Investors Partners Ravn Senior Solutions
National Health Investors continues to grow at a steady pace. In the last 10 months, the REIT has publicly announced seven transactions, comprising 43 senior care or seniors housing properties. Just last month, NHI acquired five seniors housing communities operated by Senior Living Management. Now, it is purchasing two assisted living/memory care communities in North Carolina and entering into a new operating relationship at the same time. The adjacent communities are located in the town of Hendersonville (about 20 miles south of Asheville), with one being built in 1999 with 26 AL and 13 MC units, and the second opening in 2002 with 47 AL units. NHI funded the transaction with borrowings... Read More »
Connecticut CCRC Changes Hands
A large for-profit CCRC in North Branford, Connecticut recently sold. Purchased in 2006 by a joint venture between The Shelter Group and Herbert J. Sims & Company for $72 million, 10 years later it sold for approximately $69.5 million. National Health Investors (NYSE: NHI) was the buyer, and its all-in acquisition cost was about $74 million, which included closing costs, various escrows/deposits, and other fees. The CCRC, which has 227 independent living units, 22 assisted living units and 50 skilled nursing beds, was originally developed in the early-1990s in two phases on 88 acres. Occupancy had been on an upward trend and was just over 88% in 2015. NHI will be leasing the community... Read More »
Only in Oregon
Evans Senior Investments sold a portfolio of three seniors housing properties in McMinnville, Oregon, for $36.5 million, or $272,388 per unit. Built in 2008, 2014 and 2015 all within four miles of each other, the properties consist of 134 total units and 181 beds of independent living, assisted living and memory care. The two stabilized communities have occupancies in the mid- to high-80s, while the third is currently in lease-up. All three have majority Medicaid censuses. National Health Investors (NYSE: NHI) acquired the portfolio from FirCrest Community Living. Chancellor Health Care will operate the communities under a lease with NHI. Read More »
NHI in the Nutmeg State
Just a week after announcing it exercised a purchase option on five assisted living/memory care communities from Bickford Senior Living, National Health Investors has made another large purchase, including two Connecticut CCRCs for $56.3 million, or $119,787 per unit/bed. Built in 1968 with a 2009 renovation, the 241-unit/bed community in Bridgeport features 186 independent living units, 26 assisted living units, 13 memory care units and 23 skilled nursing beds. The other community, built in 1991 in Southbury, has 155 IL units, 26 AL units, 14 MC units and 34 skilled nursing beds on a 56-acre property. Both properties were owned by funds managed by certain affiliates of East Lake Capital... Read More »Schedule a demo
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