BEAUMONT, Texas — American Healthcare Investors LLC and Griffin Capital Company LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired Pelican Bay, an assisted living facility located in Beaumont, for $19.5 million.
Situated on 4.4 acres of land and built in 2012, the property features 79 units and consists of approximately 61,000 square feet of assisted living and memory care space.
The acquisition was completed in a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the property. Griffin-American Healthcare REIT IV owns approximately 98 percent of the joint venture and acts as its managing member. The seller was the original owner-operator.
The property was acquired under a RIDEA structure, which allows for the joint venture partners to participate in both the rental and operational cash flow of the property.
Matthew Alley, Bradley Clousing and Patrick Burke of Senior Living Investment Brokerage arranged the transaction.