IRVINE, CA—Sabra Health Care REIT Inc. said Tuesday evening it had acquired eight seniors housing facilities in three separate transactions totaling $59.1 million. Additionally, the REIT made a $4.5-million land acquisition loan for a property to be built in Celebration, FL for which it anticipates having a purchase option.

The largest of the acquisitions by dollar amount was the $27.6-million Sabra paid for the Rosecastle Portfolio, comprising 256 beds across three properties in Florida. Simultaneously, the REIT entered into a triple-net master lease agreement with a new tenant for the portfolio. “The tenant is pursuing a turnaround opportunity for the Rosecastle Portfolio and accordingly we have obtained a limited revenue participation right in the early years of the new lease in exchange for our flexibility on the initial rental rate,” according to Sabra.

For 115 beds at four facilities in Fort Worth and Arlington, TX, Sabra paid $25.9 million to affiliates of the Avalon Care Group. As with the Rosecastle deal, the Avalon Portfolio entails a triple-net master lease with an initial term of 10 years and two five-year renewal options.

An initial term of 15 years figures in Sabra's $5.6-million acquisition of a 64-bed assisted living-memory care facility in Baltimore. It has been triple-net leased to Peregrine Senior Living of Pikesville LLC.

"These four investments reflect a cross section of the types of deals that have been a hallmark of Sabra's success; good stabilized assets, quality assets with upside potential and another senior housing development opportunity, this one with a seasoned developer and operator,” says Sabra's CEO and chairman, Rick Matros.  The development opportunity represents the first senior housing project in Celebration, a Disney-planned town near Disney World, and would be Sabra's seventh development partnership. “With the Avalon Portfolio, Rosecastle Portfolio and Tudor Heights acquisitions, Sabra is partnering up with three quality management teams, expanding our tenant relationships to 24."