Griffin-American Healthcare REIT III, Inc. acquired a portfolio of three senior housing properties located across Eastern Pennsylvania from Heritage Senior Living LLC for $87.5 million, or about $254,000 per unit.
Built in 2005, the Hanover Facility in Bethlehem, PA is a three-story, 109,000-square-foot independent living facility with 114 beds, currently at 96 percent occupancy. Built in 2000, the Chestnut Knoll Facility in Boyertown, PA is a three-story, 62,000-square-foot facility with 86 units, including 48 designated for assisted living and 38 for memory care, that are currently 95 percent occupied. Built between 1986 and 2008, the Powder Mill Facility in York, PA is a two-story, 89,000-square-foot facility with 145 units, comprised of 98 designated for assisted living, 24 for independent living, and 23 for dementia care. An additional three-acre vacant lot in Boyertown was included in the sale.
The buyer funded the acquisition in-part with cash on hand from net proceeds of its initial public offering, and the assumption of existing debt secured by the Hanover Facility with an outstanding principal balance of approximately $12.1 million.
www.omegare.com
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