HENDERSONVILLE, N.C. — National Health Investors Inc. (NYSE: NHI) has purchased an 86-unit, two-property portfolio of assisted living and memory care communities in the Asheville suburb of Hendersonville for $16.1 million.
The two communities are located adjacent to each other and are collectively known as Spring Arbor. The first property opened in 1999 and features 26 assisted living units and 13 memory care units. The second facility, opened in 2002, is comprised of 47 assisted living units.
NHI will lease the communities to affiliates of Ravn Senior Solutions. The initial lease term is 15 years at an annual lease rate of 7.35 percent plus fixed annual escalators.
NHI funded the acquisitions using its revolving credit facility. As part of the transaction, NHI was also offered a purchase option on a third building in the Raleigh/Durham area.