Griffin, NorthStar JV to Acquire Trilogy Health Services for $1.1B

by Jeff Shaw

LOUISVILLE, Ky. — A joint venture consisting of Griffin-American Healthcare REIT III Inc. and NorthStar Healthcare Income Inc. has agreed to acquire Trilogy Investors LLC, the parent company of Trilogy Health Services LLC, for approximately $1.1 billion.

Griffin will own 70 percent of the joint venture while NorthStar will own the remaining 30 percent. Randy Bufford, Trilogy’s founder and CEO, along with other members of Trilogy’s management will maintain an investment of approximately $24 million in the company.

Founded in 1997, Louisville-based Trilogy is an owner-operator of 96 seniors housing campuses throughout Indiana, Ohio, Michigan and Kentucky. The portfolio comprises more than 10,000 beds, and most campuses were built or renovated within the past 10 years. Trilogy will continue to operate all communities after the acquisition.

Trilogy’s communities offer a range of care, including assisted living, memory care, independent living and skilled nursing services.

Griffin and NorthStar are both public, non-traded real estate investment trusts. NorthStar is based in Greenwood Village, Colo., and sponsored by NorthStar Asset Management Group Inc. Griffin is based in Irvine, Calif., and sponsored by American Healthcare Investors and Griffin Capital Corp.

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