Firm acquires five-building senior housing portfolio in Metro East
A real estate investment firm has acquired a senior housing portfolio that includes independent and assisted living units in four Metro East communities.
American Healthcare Investors and Griffin Capital Co., LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced this week that the real estate investment trust has acquired the 229-unit, SW Illinois Senior Housing Portfolio located in Columbia, Millstadt, Red Bud and Waterloo. The sites have been operated under the name of Garden Place Senior Living.
The terms were not disclosed in a release, but a filing with the Securities and Exchange Commission indicated that the planned purchase price was $31.8 million, plus closing costs.
The five-building portfolio totals approximately 190,000 square feet of independent and assisted living space. The portfolio is 100 percent private pay and operated by an affiliate of Compass Senior Living, LLC under a 15-year lease with two 10-year renewal options. With the inclusion of these properties, Compass Senior Living now owns or operates 19 senior housing communities in Arizona, California, Illinois, New Mexico, Oregon and Wisconsin.
“The purchase of SW Illinois Senior Housing Portfolio adds greater geographic and asset diversification to the growing portfolio of Griffin-American Healthcare REIT IV with well-performing senior housing facilities leased to an experienced operator under a long-term absolute net lease,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV.
SW Illinois Senior Housing Portfolio was acquired from A&M Property Holding, LLC, an unaffiliated third party represented by Jeff Binder and Patrick Byrne of Senior Living Investment Brokerage.
Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America, N.A. and KeyBank, National Association.
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and has since acquired a portfolio of 21 medical office buildings and senior housing facilities for an aggregate contract purchase price of approximately $261 million.
About American Healthcare Investors, LLC
American Healthcare Investors is an investment management firm that specializes in the acquisition and management of healthcare-related real estate. One of the world’s largest managers of healthcare real estate, the company oversees an approximately 29 million-square-foot portfolio valued at approximately $8.4 billion, based on aggregate purchase price, on behalf of multiple investment programs that include thousands of individual and institutional investors. As of March 31, 2017, this international portfolio includes approximately 600 buildings comprised of medical office buildings, hospitals, senior housing, skilled nursing facilities and integrated senior health campuses located throughout the United States and the United Kingdom. The company and its principals have completed in excess of $25 billion in aggregate acquisition and disposition transactions, more than $15 billion of which have been healthcare-related.
About Griffin-American Healthcare REIT IV, Inc.
Griffin-American Healthcare REIT IV’s goal is to build a balanced and diversified portfolio of healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. More information is at www.healthcarereitiv.com.
About Griffin Capital Company, LLC
Griffin Capital Company, LLC is a privately-held, Los Angeles headquartered investment and asset management company with 22 years in sponsoring real estate investment vehicles and managing institutional capital. Its executives have collectively closed transactions representing over $22 billion in value. Additional information about Griffin Capital is available at www.griffincapital.com.
