Strawberry Fields REIT Acquires Six Nursing Facilities in Kentucky, Tennessee for $81M

by Jeff Shaw

SOUTH BEND, Ind.— Strawberry Fields, an owner and lessor of long-term acute care hospitals, skilled nursing and assisted living facilities in the Midwest and South, has acquired six skilled nursing facilities in Kentucky and Tennessee.

The purchase price was $81 million and Strawberry Fields used the proceeds of a recently completed bond offering on the Tel Aviv Stock Exchange to finance the acquisition.

The Kentucky facility will join the Landmark portfolio, which has operations throughout Kentucky, and in Texas, Oklahoma, Illinois, and Michigan. Each of The Waters-branded operators at the five Tennessee facilities, have engaged Infinity Healthcare of Tennessee to provide consulting services.

The properties include:

  • Landmark of Kuttawa, a 65-bed facility that was built in 1968 in Kuttawa, Kentucky.
  • Agape Rehabilitation & Nursing Center (A Water’s Community), an 84-bed facility built in 2005 in Johnson City, Tennessee.
  • Waters of Sweetwater, A Rehabilitation & Nursing Center, a 90-bed facility built in 1966 in Sweetwater, Tennessee.
  • Waters of McKenzie, A Rehabilitation & Nursing Center, a 72-bed facility built in 1969 in McKenzie, Tennessee.
  • Waters of Memphis, A Rehabilitation & Nursing Center, a 90-bed facility built in 2015 in Memphis, Tennessee.
  • Waters of Bristol, A Rehabilitation & Nursing Center, a 120-bed favility built in 2017 in Bristol, Tennessee.

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