NHI acquires two communities for $12.7 million

Share this content:

National Health Investors has acquired senior living communities in Oregon and Michigan through two separate transactions for a combined purchase price of $12.7 million.

“We are very happy to be expanding our relationship with Chancellor Health Care with the acquisition of Golden Age, and to add a new partner, The Brook Retirement Communities,” Eric Mendelsohn, NHI's president and CEO, said in a statement. “These acquisitions are representative of our desire to continue our practice of partnering with strong regional operators.”

Golden Age Senior Living in Portland, OR, was purchased for $6.7 million. The property was significantly renovated in 2010 and expanded in 2013, according to NHI, and the 40-bed memory care community is 88% occupied. The community will be leased to existing partner Chancellor Health Care for 15 years, with renewal options at an initial lease rate of 7.75% plus annual escalators. The GAAP lease yield is 8.9%.

The Brook of Roscommon, Roscommon, MI, was purchased for $6 million. Built in 2002, the 42-unit independent and assisted living community is mostly private pay and is 95% occupied, according to NHI. The community will be leased to The Brook Retirement Communities for 10 years, with renewal options at an initial lease rate of 7.5% plus annual escalators. The GAAP lease yield is 8.6%.

The purchases were funded with cash on hand and borrowings from NHI's revolving credit facility.

close

Next Article in Companies

In Focus

May 16

Bringing in the outdoors

Hollidaysburg, PA 

Garvey Manor and Our Lady of the Alleghenies Residence continuing care retirement community recently hosted an outdoor show, "Marching into the Woods."

JOB LISTINGS