NHI acquires WA community for $9.8 million
Murfreesboro, TN-based National Health Investors has acquired a 98-unit independent living community in Chehalis, WA, through its revolving credit facility, it announced Jan. 19. NHI has leased the community for 15 years to a partnership between Marathon Development and Village Concepts Retirement Communities.
The total investment in the community will be $9.8 million, including $350,000 for capital improvements, according to NHI.
The senior living community was built in 1986, with additions made in 1993 and 2000. Land exists for further expansion. The community is 95% occupied, according to NHI.
“We are excited to announce this new relationship with Marathon and Village Concepts,” Eric Mendelsohn, NHI's CEO and president, said in a statement. “Village Concepts has extensive experience in providing senior living community management and a commitment to providing each resident with independence and security. Marathon is led by a team with extensive real estate experience in project development, acquisitions and financing of senior communities. We believe this combination will provide a solid, productive collaboration and an excellent addition to our portfolio.”
Marathon has completed many senior housing projects over the past 18 years. Village Concepts has provided property management and consulting services for more than 40 years and currently operates 15 senior living communities in the state of Washington.