Summit Healthcare REIT Acquires Assisted Living Community in Arizona for $13.4M

CHANDLER, Ariz. — Summit Healthcare REIT Inc. has acquired Pennington Gardens, a 90-bed assisted living and memory care facility in the Phoenix suburb of Chandler for $13.4 million.

Summit will lease the property to Compass Senior Living, which already operates six communities in Summit’s portfolio.

The acquisition was made through Summit Chandler LLC, which is a wholly owned subsidiary of Summit.

Heavenrich & Co. represented the seller in the deal. The capitalization rate on the sale 8.2 percent.

Summit is a non-traded REIT with 32 long-term, triple-net-leased healthcare facilities in 12 states.

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