PORTLAND, Ore., and ROSCOMMON, Mich. — National Health Investors (NYSE: NHI) has acquired senior living communities in Oregon and Michigan through two separate transactions for a combined purchase price of $12.7 million.
The company purchased Golden Age Senior Living in Portland for $6.7 million. Renovated in 2010 and expanded in 2013, the 40-bed memory care community was 88 percent occupied at the time of sale. The community will be leased to Chancellor Health Care for 15 years with renewal options at an initial lease rate of 7.75 percent plus annual escalators.
The second facility purchased was The Brook of Roscommon, an independent living and assisted living community in Roscommon, for $6 million. Built in 2002, the 42-unit community was 95 percent occupied at the time of sale. The seller, The Brook Retirement Communities, will continue to operate the property under a 10-year lease agreement.
The purchases were funded with cash on hand and borrowings from NHI’s revolving credit facility.
NHI is a real estate investment trust (REIT) specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.