IRVINE, CA—GlobeSt.com has learned that New York-based NorthStar Asset Management has purchased 47% of American Healthcare Investors. As a result of this partnership, AHI will maintain management of the $4-billion Griffin-American Healthcare REIT II portfolio after it merges with NorthStar Realty Finance and will also manage most of the NorthStar healthcare real estate portfolio that is not composed of the Griffin-American assets.

All told, AHI now manages approximately $5 billion worth of healthcare real estate throughout the US and the UK.

In NorthStar's third-quarter results release today, the firm reported that subsequent to the third quarter, it made $95.5 million of investments, including $57.7 million for the agreement to purchase the AHI shares and a term sheet to acquire a 45% interest in Island Hospitality Management for $38 million. Total assets of managed companies as of September 30 were approximately $19.4 billion, including investments that NorthStar Realty acquired or entered into an agreement to acquire subsequent to the third quarter.

As GlobeSt.com reported last month, Griffin-American Healthcare REIT III has been actively acquiring healthcare properties. The REIT entered into an agreement to acquire a portfolio of medical-office buildings in New York, New Jersey, Massachusetts and Kentucky for $135 million. GlobeSt.com learned that the seller was Kadima Medical Properties LLC.

Stay tuned for an interview with AHI principal Jeff Hanson to discuss the acquisition and how it will impact the firm and its holdings.