FRONT ROYAL, Va. — Summit Healthcare REIT, Inc. has acquired an 84-bed assisted living facility in Front Royal, Va. for a purchase price of $14.3 million.
The 46,844-square-foot facility will be operated by and leased to an affiliate of Meridian Senior Living, LLC pursuant to a 15-year triple net lease. Meridian is among the top 10 assisted living providers in the U.S. with the capacity to serve over 7,000 residents. Currently, Meridian operates 114 communities, including five other facilities in Summit’s portfolio, and spans 14 states.
“This is another exciting opportunity to partner with the excellent team at Meridian,” says Kent Eikanas, president and COO of Summit Healthcare REIT, Inc. “We have been very pleased with the job they have done at our other facilities and together we have been able to work toward achieving mutual goals.”