Regent Assisted Living Aquires Four Managed-Care Properties for $34 Mil

PORTLAND-Regent Assisted Living Inc., in a joint venture with its chief executive officer and majority shareholder Walter C. Bowen, paid $34 million to acquire four properties that it previously leased from real estate investment trusts Health Care Property Investors and LTC Properties Inc. Located in Eugene, OR; Boise, ID; Clovis, CA; and Santa Cruz, CA, the properties “represent four of Regent’s best performing assisted living communities,” says Bowman.

Regent, a Portland-based owner, operator and developer of private-pay assisted living communities, purchased the California and Idaho properties from HCP for $25.4 million. The Eugene property was acquired from LTC for $8.5 million. Guaranty Federal Bank in Dallas, TX provided the bank financing. “Our plan is to continue, when appropriate, to acquire additional properties that are presently being leased from real estate investment trusts,” says Mr. Bowen. “These acquisitions will add bottom-line cash flow and ensure long-term viability of Regent as a premier provider of assisted living in the western part of the United States.”