CHICAGO — Ziegler, a specialty investment bank, has arranged the sale of the Brentwood portfolio on behalf of seniors housing developer SLCM.
The portfolio included six communities in mid-sized markets throughout northern Indiana and southwestern Michigan, all previously operated by Brookdale Senior Living.
SLCM sold the portfolio to Griffin-American Healthcare REIT III for an undisclosed sum.
Ziegler served as the exclusive advisor to SLCM in the sale. The portfolio totals 653 units, including 464 licensed assisted living/memory care units, 159 independent living apartments and 30 independent living villas.
Ridgeline Management Company will provide third-party operations for the six properties services. Ridgeline, based in West Linn, Ore., manages 21 independent living, assisted living and memory care properties in nine states throughout the country.
The portfolio was acquired under a RIDEA structure, which allows for Griffin-American Healthcare REIT III to participate in both the rental and operational cash flow of each facility.