James S. Smith
IRVINE, CALIF. — Griffin-American Healthcare REIT II Inc., a non-traded real estate investment trust (REIT) based in Irvine, has acquired a portfolio of four seniors housing facilities totaling 1,209 units in Illinois, Ohio and Colorado. The REIT purchased the four communities for $300 million, according to The Wall Street Journal.
The four facilities provide the full continuum of care from independent living to skilled nursing for more than 1,300 residents. The assets include Liberty Heights in Colorado Springs, Colo.; Lincolnwood Place in Lincolnwood, Ill.; Seasons in Cincinnati, Ohio; and Evergreen Retirement Community in Cincinnati.
The REIT purchased the facilities from West Loop Holdings, a joint venture between GE Capital Healthcare Financial Services, KMF Senior Housing Investors and Senior Lifestyle Corp. Kensington Realty Advisors, Inc. is the Managing Member of KMF Senior Housing Investors, L.L.C.
Senior Lifestyle Corp. has entered into a long-term agreement to continue operating the communities.
Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged the sale of the portfolio on behalf of West Loop Holdings. The Cushman & Wakefield team involved in the transaction includes Richard Swartz, head of Cushman & Wakefield’s Senior Housing Capital Markets team; managing director Jay Wagner; director Aaron Rosenzweig; associate Stuart Kim and associate Timothy Hosmer.
“We received strong interest from investors across the seniors housing spectrum including operators, private equity funds and both traded as well as non-traded REITs in what was ultimately a very competitive process,” says Wagner.
“Each of these dynamic projects provides the tremendous care attributes of a continuing care retirement community combined with rental property. The REIT’s new relationship with Senior Lifestyle will allow it to optimize the portfolio’s performance while also providing future investment opportunities,” adds Swartz.
Griffin-American Healthcare REIT II is a $2.8 billion trust that focuses on acquiring a diverse portfolio of healthcare-related real estate assets comprised of medical office buildings, seniors housing facilities and hospitals.
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