Summit Healthcare REIT Acquires Facilities
November 13, 2017 | Luke Schmidt | Blue Vault
On November 13, 2017, Summit healthcare REIT, Inc. (“Summit”) announced it has acquired an interest in six skilled nursing/assisted living/independent living facilities throughout Iowa on November 8, 2017. The facilities were acquired for a total purchase price of $29.5 million and consist of a total of 551 licensed beds. The facilities will be leased to a third-party operator on an NNN lease.
The acquisitions were made through Summit Fantasy Pearl Holdings, LLC, a joint venture among Summit Healthcare Operating Partnership, LP, which is wholly owned by Summit, Atlantis Senior Living 9, LLC, Fantasy Pearl, LLC and Fantasia Investment III, LLC, a U.S. based affiliate of Fantasia Holdings Group Co., Limited. Summit has previously partnered with Fantasia in prior acquisitions.
“We are pleased to be working with a top-notch operator in a new state,” said Kent Eikanas, President, and Chief Operating Officer. “We are focused on continuing to work with regional operators, especially when it comes to skilled nursing.”
Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 47 long-term triple-net leased healthcare facilities in 14 states.