Summit Healthcare REIT Acquires Interest in Six Communities in Iowa for $29.5M

LAKE FOREST, Calif. — Summit Healthcare REIT Inc., a non-traded seniors housing REIT based in Lake Forest, has acquired partial interest in six seniors housing communities throughout Iowa for $29.5 million.

The communities offer a mix of independent living, assisted living and skilled nursing. The portfolio totals 551 licensed beds and will be leased to a third-party operator on a triple-net basis. The names of the communities and future operator were not disclosed.

The acquisitions were made through Summit Fantasy Pearl Holdings, a joint venture between Summit Healthcare Operating Partnership (wholly owned by Summit), Atlantis Senior Living 9, Fantasy Pearl and Fantasia Investment III, a U.S. based affiliate of Fantasia Holdings Group Co. Summit has previously partnered with Fantasia in prior acquisitions.

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