Strawberry Fields REIT Acquires 10-Property Skilled Nursing Portfolio in Arkansas, Kentucky for $42.4M

SOUTH BEND, Ind. — Strawberry Fields REIT LLC, a healthcare REIT based in South Bend, has acquired nine skilled nursing facilities in Arkansas and one in Kentucky in two separate deals. The combined purchase price was $42.4 million.

Strawberry Fields financed the acquisition with the issuance of $33 million in secured corporate debt.

The Skyline Group sold the nine Arkansas properties. The buildings will operate under a master lease to entities consulted by Infinity of Arkansas. The facilities will all be renamed under the “Waters” brand. 

A nonprofit entity sold the Kentucky property, which was added to an existing master lease between Strawberry Fields and The Landmark Group.

The Arkansas properties comprise 1,004 skilled nursing beds and are spread across the state. The Kentucky property has 120 beds and is located in Louisville.

The Arkansas Master lease agreement contains a commitment by the operators to perform over $2 million in building improvements during the next two years.