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.