Communities

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

November 15, 2017

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.”

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