San Juan Capistrano, CA-based Ensign Group on Monday added to its portfolio three skilled nursing facilities in Washtington state and another in Colorado. In each case, the real estate was acquired by a subsidiary of Standard Bearer, Ensign’s captive real estate company.
The acquisitions increase the company’s portfolio to 293 healthcare operations, 26 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, now own 112 real estate assets.
In the latest deals, the company acquired the real estate and operations of Belmont Terrace, a 95-bed SNF in Bremerton, WA, and Puget Sound Transitional Care, a 125-bed SNF in Des Moines, WA. Ensign also acquired the real estate of a campus known as Avamere Rehabilitation at Ridgemont and The Villas at Ridgemont, consisting of 96 licensed skilled nursing beds and 46 independent living units, in Port Orchard, WA. It will be operated by an affiliate of Avamere Group.
“We are extremely excited to add these operations and real estate to our growing presence in Washington,” Ensign CEO Barry Port said in a statement. “This transaction is a perfect example of the type of transaction that our internal REIT allows us to close, simultaneously adding operations that are a good strategical fit while also growing to our real estate portfolio through leases with other high-quality operators. We are very excited about this deal and doing many more like them in the future.”
Stephen Farnsworth, president of Pennant Healthcare, Ensign’s Washington state-based subsidiary, said that his group is looking forward to the new relationship with Avamere.
“We have known them for many years and have a great deal of respect for them as one of the most well-known operators in the Pacific Northwest,” Farnsworth said.
In Colorado, The Ensign Group acquired the real estate and operations of Rehabilitation and Nursing Center of the Rockies, a 96-bed SNF in Fort Collins.
“We are thrilled to be adding this operation to Colorado, a market where we have seen steady and positive growth over the past couple of years,” Port said. “This acquisition also provided another great opportunity to add to Standard Bearer’s growing portfolio.”
Dave Jorgensen, president of Endura Healthcare, Ensign’s Colorado-based subsidiary, added, “We have respected this facility from a distance for some time and are very excited to now be able to add our leadership and expertise to the caregivers at this operation.”
The holding company also is transitioning 45 recently acquired operations. Those include 20 skilled nursing properties acquired from Sabra Health Care REIT and formerly leased to North American Health Services, a transaction that was completed in February.
Port reaffirmed that Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, senior living and other healthcare-related businesses throughout the United States.