Griffin-American Healthcare REIT III Acquires Senior Housing as Part of $340M Deal

by Jeff Shaw

IRVINE, Calif. — Griffin-American Healthcare REIT III Inc. has completed the acquisition of 19 healthcare properties for approximately $340 million, including a seniors housing community: Springdale Assisted Living Facility in Springdale, Ark.

Springdale Assisted Living Facility is a one-story, approximately 53,000-square-foot seniors housing facility comprised of 76 units in Springdale in northwestern Arkansas. The acquisition of Springdale completes the purchase of the three-building Delta Valley Assisted Living Portfolio. In September 2014, Griffin-American Healthcare REIT III closed on the acquisition of the other two components, located in Batesville and Cleveland, Miss. The portfolio is 100 percent master-leased to Providence Management LLC under a 15-year absolute net lease with two 10-year renewal options. Providence operates a portfolio of six purpose-built assisted living facilities located primarily in Mississippi. Springdale Assisted Living Facility was acquired from Providence Management LLC, an unaffiliated third party represented by Dan Revie of Ziegler and Cos. Inc.

“These latest acquisitions represent high-quality assets leased by very strong tenants and operators with whom we look forward to sharing mutually rewarding business partnerships,” says Danny Prosky, president, chief operating officer and one of the largest stockholders of Griffin-American Healthcare REIT III. “They also add tremendous diversification to our rapidly growing portfolio.”

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