WARRENTON, Mo. — American Healthcare Investors LLC and Griffin Capital Company LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired Oak Pointe of Warrenton, a 53-unit assisted living and memory care facility in the St. Louis suburb of Warrenton.
Warrenton Clearpath Property Investment sold the property for $8.1 million. Jeff Binder of Senior Living Investment Brokerage represented the seller.
Oak Pointe of Warrenton totals approximately 34,000 square feet and had an occupancy rate of approximately 91 percent at the time of purchase. During the past five years, approximately $1 million in capital investments were made to modernize and improve the property by the former owner.
The buyers entered a joint venture with Meridian Senior Living, which will manage the community. Meridian will be a 2 percent owner in the community under a RIDEA lease structure.
The acquisition expands the joint venture relationship between Griffin-American Healthcare REIT IV and Meridian Senior Living to a total of 12 seniors housing buildings located in Florida, Texas and Missouri.
Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America and Keybank.