SAINT PAUL, Minn. — Evans Senior Investments (ESI) has arranged the sale of Coventry of Mahtomedi, a 48-unit assisted living and memory care community in Saint Paul.
National Health Investors (NYSE: NHI) acquired the property for $9.2 million or $192,000 per unit. The new owner is bringing in a regional group, 41 Management LLC, to operate the community. The master lease between NHI and 41 Management is for 15 years, includes two five-year renewal options, and has fixed annual escalators at 2.5 percent.
ESI represented the undisclosed seller in the transaction.
The community was built in 2011 and was 90 percent occupied at the time of sale. The transaction represents a 7.2 percent capitalization rate.