REIT, Inc. Acquires An interest In Six Facilities In Iowa

LAKE FOREST, CA–Summit Healthcare REIT, Inc. (“Summit”) announced that it has acquired an interest in six skilled nursing/assisted living/independent living facilities throughout Iowa on November 8, 2017. The facilities, acquired for a total purchase price of $29.5 million, consist of a total of 551 licensed beds, and will be leased to a third party operator on a NNN lease.

The acquisitions were made through Summit Fantasy Pearl Holdings, LLC, a joint venture among Summit Healthcare Operating Partnership, LP, which is wholly owned by Summit, Atlantis Senior Living 9, LLC, Fantasy Pearl, LLC and Fantasia Investment III, LLC, a U.S. based affiliate of Fantasia Holdings Group Co., Limited (“Fantasia”). Summit has previously partnered with Fantasia in prior acquisitions.

“We are pleased to be working with a top notch operator in a new state,” said Kent Eikanas, President & Chief Operating Officer. “We are focused on continuing to work with regional operators, especially when it comes to skilled nursing.”