MUNCIE, Ind. — Strawberry Fields REIT has acquired The Waters of Muncie, a skilled nursing facility located in Muncie, approximately 50 miles northeast of Indianapolis. The buyer paid $3.2 million in an all-cash deal.
The Waters of Muncie is a 72-bed facility that is located at 2400 Chateau Drive in Muncie, Indiana. Services offered include comprehensive medical, memory care and rehabilitative therapy services. The facility serves both short- and long-term residents.
“The Waters of Muncie is a well-located facility in suburban Indianapolis that offers exceptional care and rehabilitation services,” says Moishe Gubin, CEO of Strawberry Fields. “We have been leasing and subletting this property from the landlord since November 2011.”
The facility is part of an Indiana county hospital UPL tie-up with Henry County Hospital. Infinity Healthcare Management is providing consulting services.
The average occupancy in the property is 72.2 percent, of which 9.3 percent are Medicare, 72.1 percent are Medicaid, and 18.6 percent are private and insurance.
Infinity and its sister companies have a long-term relationship with many other Strawberry Fields operator-tenants. With this acquisition, Strawberry Fields owns over 70 nursing homes throughout the country.