Griffin-American Acquires Two-Property Portfolio in Central Wisconsin for $22.6M

Sun Prairie Health Care Center Sun Prairie Health Care Center

WAUNAKEE and SUN PRAIRIE, Wis. — Griffin-American Healthcare REIT IV has acquired a 254-bed seniors housing portfolio in Central Wisconsin for $22.6 million.

American Healthcare Investors and Griffin Capital Co. co-sponsor the REIT. The seller was Waunakee Manor.

The communities are located in the Madison suburbs of Waunakee and Sun Prairie. The portfolio totals 236,000 square feet of independent living, assisted living and skilled nursing. The properties have undergone a total of $9.4 million in renovations since 2006.

The portfolio is master leased under an absolute net structure through 2033 with two 10-year renewal options. An entity affiliated with Integro Healthcare Consulting will operate the communities. The master lease includes annual rent escalators of between 2 percent and 2.5 percent.

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