NEW YORK CITY—Another day, another acquisition in the senior housing health care sector by some very familiar faces in this space. Griffin-American Healthcare REIT III and NorthStar Healthcare Income have partnered to acquire Trilogy Health Services LLC, for approximately $1.125 billion. Griffin-American is the majority partner in the 70-30 JV and will act as the manager.

While Griffin-American has acquired its fair share of portfolios, the REIT's management is calling this particular deal "transformational" as it will nearly double in size to $2 billion in real estate and related investments. Trilogy, which operates 96 properties consisting of more than 10,000 beds, has posted "remarkable consistent" annual growth and profitability over the past two decades, regardless of market cycle, according to president and COO Danny Prosky.

Both companies are active acquires in this space. In July 2015, NorthStar partnered with Formation Capital and Safanad Management to acquire the US operations of Extendicare International for $1.1 billion, to name just one of its transactions. In the second quarter, Griffin-American Healthcare REIT III acquired18 healthcare properties in eight states for $311.3 million.