FRONT ROYAL, VA—Summit Healthcare REIT, Inc. of Lake Forest, CA has acquired an 84-bed assisted living facility here for $14.3 million.
The facility, which totals 46,844 square feet, will be operated by and leased to an affiliate of Meridian Senior Living, LLC pursuant to a 15-year triple net lease. Currently, Meridian operates 114 communities in 14 states, including five other facilities in Summit's portfolio. Summit's current portfolio includes interests in 17 healthcare facilities.
"This is another exciting opportunity to partner with the excellent team at Meridian," says Kent Eikanas, president and chief operating officer of Summit Healthcare. "We have been very pleased with the job they have done at our other facilities and together we have been able to work toward achieving mutual goals."
Earlier this month, Summit Healthcare announced it acquired two senior living facilities on Dec. 31, 2014, for a total purchase price of approximately $14.2 million.
The two facilities acquired include Gateway Care and Retirement Center, a 38,034-square-foot facility in Portland, OR that has 59 beds dedicated to skilled nursing services and 32 independent living private apartments, and the Applewood Retirement Community, a 45,563-square-foot facility located in Salem, OR that has 69 independent living apartments.
The facilities will be operated and leased by Sapphire Health Services pursuant to a 15-year triple net lease.
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